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View from the Chamber

Ilona Krohn Principal Economic Advisor, Greater Manchester Chamber

LOOKING at economic news over the last few months, it seems as if we are trying to plant a tree by digging it up every week to check whether it has grown roots yet.

It seems like not a day is going by without us being bombarded by some sort of bad news about the economy.

The constant preoccupation with the question of whether we are or will be in recession is not just futile but outright dangerous. It is like climbing a ladder while you keep looking down.

Instead of constantly checking where we are, we should focus on where we want our economy to be. We are in danger of getting stuck in a state of paralysis by analysis.

The question is not whether the economy is growing or not, it is what steps each and every one of us needs to take, so that we, our businesses and our region can prosper.

We need to know where we want to go and take it one step at a time. Let's keep a clear focus on our targets and deal with challenges if and when they appear.

The current economic climate is demanding. It is likely to stay that way for the time being.

That does not mean that business cannot flourish right now.

Difficult sectors

We are speaking to members every week who are doing well even in difficult sectors like construction or retail. It is not all doom and gloom out there: employment is still at a record high and exporters are doing very well.

Both services and manufacturers continue to invest and the majority of Greater Manchester businesses believe that things will remain where they are or get better within the next 12 months.

We need to remember that the economy is not a force of nature, but the sum of our individual economic activity.

Economic cycles can be triggered by all types of events but a prolonged sluggish economy is always due to a lack of confidence.

Economic downturns happen when large numbers of individuals lose faith in themselves and the system. Worrying about `what-if' has never helped anyone, it is time to get on with life.

Our region has a long and proud history on the cutting edge of economic and societal development.

We are equipped with a real can-do attitude and are famous for innovative thinking and decisive action.

We thrive in the face of adversity and no one is better prepared than us to weather the storm and emerge on the other side of it with renewed and reinforced spirit.

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