6 August 2015
The National Institute of Economic and Social Research (NIESR) is predicting that global economic growth will slow to the lowest rate since the financial crisis. Whilst this might be true, sharing this will global media, I think, is dangerous.
The financial crisis knocked the wind out of a lot of people’s sails and they’re still extremely cautious of this happening again. In my experience, businesses have just started to grow in confidence and are starting to loosen the purse strings and invest again.
News like this, which is a prediction let’s not forget, could well become a self-fulfilling prophecy. For an already cautious audience of entrepreneurs, signals that hint at a recurrence of a financial crisis are a red flag to lock down the vaults and double-knot the purse strings until further notice!
The headlines today suggest that a global slowdown is on the cards, but when you look into it in more detail the main reason for this is the Greek economic crisis. Predictions for the UK are reasonably positive. But if you were a business owner scanning the top news of the day, the positive predictions for the UK are buried at the bottom of the article – ‘below the fold’ and further into the article than many people will have time to read.
It’s time for many media outlets to act responsibly and think about the consequences of the angle they take on the story. Whilst ‘global economic growth to slow’ or ‘UK economic cool-down’ may grab attention, they may also strike the wrong chord with the people making a real difference to our economy.
Do these headlines affect the way that you run your business?