Economy likely to struggle for longer than others expect

After slowing in the final quarter of last year, the economy appears to have lost considerably more momentum this quarter, with GDP growth likely to be no better than 1.0% annualised, below the current consensus forecast of a 1.5% gain. Furthermore, we seriously doubt the consensus view that economic growth will subsequently accelerate again throughout the rest of this year and into next year. That just seems like wishful thinking.