Economics review of the year 2011 | The Guardian 25/12/2011 12:00 GMT

The Guardian, Simon Goodley, 25/12/2011 12:00 GMT, excerpt/extracto.-

January (2011)

The year begins with a prediction. "We have to save the euro over the next six months," says Hungary's prime minister, Viktor Orbán, as the country starts its six-month turn heading the European Union.

In the UK, the economic data shows inflation shooting up to 3.7% in December, prompting growing speculation that the Bank of England will raise interest rates by the spring.

It is revealed that the UK economy shrank by a shock 0.5% in the last quarter of 2010 as Britain's recovery faltered in the pre-Christmas snow.

At the annual get-together for world leaders in Davos, George Soros – the speculator who famously "broke the Bank of England" – warns that the UK faces recession unless its austerity package is relaxed. Cynics muse that Soros might be talking up his own strategy, rather than expressing concern.

February (...)