Recession is over, but don't get carried away The Office for National Statistics estimated that the economy had recovered only about half of the wealth lost. Prof James Mitchell, an economist at Warwick Business School, said the crisis could permanently scar the economy, meaning weak growth will become the norm. "The economy is still bouncing along the bottom," he said. We could well get a triple-dip recession. Danny Alexander, the Chief Secretary to the Treasury, said the figures showed the economy was on the right track but people should not expect a swift return to sustained growth. "We shouldn't get carried away," he said. There is still a long, hard road back to economic strength. Michael Fallon, a business minister, said: "It is misleading to speak of green shoots - what we can say is the economy is beginning to recover." David Cameron foreshadowed the figures earlier this week when he told MPs to expect "more good news." Labour accused him of breaching Whitehall rules.