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Economic Performance of the United Kingdom and Italy - Case Study Example

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The study "Economic Performance of the United Kingdom and Italy" discusses the comparison in economic performances of the United Kingdom and Italy using unemployment and balance of payment benchmarks that reveals a gamut of social, cultural, and regional uniqueness in both economies…
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Economic Performance of the United Kingdom and Italy
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Download file to see previous pages The UK has a rich tradition of work culture resulting in high economic activities and thereby yielding low unemployment figures. The activities comprising employment turnover in the UK are generally well coordinated ensuring better chances of employment for the unemployed while moving from one job to another in a short period within the financial year. The job market is upbeat with healthy prospects for part-time and contract employment.
The availability of employment, however, does not per se serve as criteria for a better quality economy. The parameters for economic excellence extend beyond the precincts of the employment factor. Advancing technologies, changing business practices, communication and information systems, globalization, etc. require adequate qualified and trained manpower.
The lack of adequate education and training among a significant number of job seekers in the UK to meet the growing demands of the industries is the mitigating factor in the UK's economy. This factor is problematic for employers on the lookout for candidates possessing the right educational qualification and skills. Nonetheless, organizations such as Learning and Skills Councils (LSCs), have taken up the responsibility of providing ways and means for continually educating young adults over 16 years of age and also providing them with job-specific training.
One of the major causes of unemployment in the UK can be attributed to the insufficient availability of prospective candidates possessing the right educational qualifications and skills. Other reasons may comprise job seekers' lack of motivation or disproportionate expectations. Still, other factors may relate to the job market situation of the day necessitating lay off, etc. Also, changing or leaving jobs for better prospects could leave some people without employment for some time. Advancing technologies is another reason for unemployment. Technologies and communication systems are changing the way we work the world over. Job competition in such a situation causes employers to seek out hard-working, efficient candidates for various posts leaving less efficient or motivated individuals jobless (Tim Miller). ...Download file to see next pagesRead More
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