As the chart by Economist below shows, by this gauge Canada is still 1% below its pre-crisis level and America is 3.5% down. Among the G7 countries only Germany has regained its end-2007 level. Comparing output now with its level before the crisis actually understates the depth of the slump. An alternative yardstick (see article) is to compare GDP per head now with what might have been expected if it had continued to grow at the same pace as during the ten years before the crisis. On this basis, even Germany has not yet caught up, and Ireland’s income per head is now a painful 25% below its previous trend.