Re: Bollocks
>Is it me missing something or Gartner is talking out of their arse?
It's you missing something. Gartner are not in the predictions business, they are in the CEO-comforting business. They sell reports to comfort CEOs. If a CEO does badly, they can point to Gartner and say "it wasn't my fault - we are in line with expectations." if they do well, they can pat themselves on the back as having done an outstanding job in the face of adversity. Either way, Gartner gets a sale.
I think its time to stop obsessing about "growth" anyway. If I made $1bn profit last year and $1bn this year, that's negative growth - recession - after inflation, but I'd still be pretty happy.
If I have 100% growth, but its funded by someone else going into debt, that may not be great either. They might default. Even if I get my money, once they've defaulted they won't be buying lots of things. In global terms, its at best a zero-sum game when borrowing is up, but its probably a negative once you factor in the knock-on effects of lower tax, worse government-funded infrastructure etc. The only beneficiaries are those who can weather the downturn and pick up other people's assets when they go under. That will be those who aren't in debt. If you are piling up debt, that is negative productivity and your economy will reflect that. Blaming "the economy" for business performance is foolish. Expecting infinite growth is foolish and unnecessary. Corporate success and national success are rarely congruent.
The bottom line is, your economics will reflect your business at a national level. If your currency drops, there is either far too much speculative money sloshing around (HFT is a prime example of "dumb things in the pursuit of profit") or your economy is actually weak. If your economy is weak you will earn less. The politically impossible way is to cut income numerically. The politically correct way is to allow inflation to reduce the value of the currency. Either way, you will be poorer because that is reality. If your economy is weak, take the hit with grace and fix it.
If people curb their debt because things cost too much, that's a *good* thing. If we build and consume local goods, that's a *good* thing for the economy and the environment.