Part 5/11:
To illustrate the deteriorating economic forecasts, Joe Blogs presents a comparative analysis of GDP growth predictions spanning from 2024 to 2029. The report outlines three varying GDP forecasts—initial predictions from March 2024, subsequent adjustments in October 2024, and the latest estimates reflecting Labor's budgetary measures.
Contrasting with optimistic figures, the original GDP forecast anticipated a growth rate of 0.75% for 2024, later adjusted to 1.1% in October. However, recent quarterly reports suggest a stagnation in GDP, reporting 0% growth by November 2024. The stark reality is that several key months would need to yield extraordinary growth to align even remotely with the OBR’s optimistic estimates.