Global recession has 'not been that bad' - M&G's Woolnough

M&G Investments' top performing bond fund manager Richard Woolnough has argued the global economy is in a much healthier place than GDP figures suggest.

Yesterday the latest report from the Office for National Statistics (ONS) signalled the UK suffered a more severe recession in 2008-2009 than was originally estimated. According to the ONS the UK's output contracted 7.2% during the final crisis, up from its 6.3% previous prediction. However, the data also showed the UK avoided a double-dip recession, after Q1 2012 was up. So far this year the data has also been positive, with the final reading of first quarter GDP confirmed at 0.3%, although a number of other regions globally have struggled more. Woolnough argues the real rate o...