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Reduced investment and poor image of the sector is put in the backseat without fresh blood in the segment. The industry must get competitive edge by manufacturing those goods that consumers want and Britain has technical and competitive advantages. Manufacturing in Britain is still important. There is a need to keep the economy diversified, that can not be possible without manufacturing. UK requires shifting into more high-tech manufacturing which is less labour intensive
UK economic scenario can be viewed from this chart and diagram, which clearly points about the falling gross domestic products every decade from the Second World War when the UK economy boomed (Hundred years of Economic statistics, World Economic Outlook)
The boom of the new century ended in 2008 when UK entered a recession caused by the global financial crisis following the collapse of the UK Northern Rock Bank. British economy shrunk by 2.4% in the first quarter of 2009 compared with the previous one as reported by the British Office for National Statistics (ONS). According to the ONS, "output of the production industries fell 5.1 percent, while service industries fell by 1.6 percent, with negative growth in all sub-industries except government and other services." (British economy shrinks 2.4 %-----)
Britain is still reputedly the sixth biggest global manufacturing economy. The UK manufacturing sector is currently in recession and last year recorded its largest annual decline for a decade. The manufacturing sector had witnessed the boom in 1995 when it touched almost 8% growth and then moved in between 0 to 2% growth level. After touching more that 2% in 2007 the manufacturing shrunk below in 2008. Services account for 80% of Britain’s G.D.P. Service industry is not entirely independent and depends very much over manufacturing sector only. The UKs services industry as seen as the engine of growth for the national economy does not appear convincing.
There is puzzling question in
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Standard has already have taken back the ‘AAA’ status that it had once given to the US economy. Predictions of OECD OECD has predicted more trouble for the US economy in the near future. The organization has forecasted shrinkage of the world economy owing to the recent financial crisis that led many US companies to bankruptcy.
Introduction The very recent outburst of the housing price bubble in the most advanced and developed economies of the world has raised in serious concerns about the management of the macroeconomic tools, measures to combat the inflationary pressures especially by the public authorities, as that led to a financial crisis, and the consequences of the financial crisis had to be faced by the global financial economy.
It takes a look at the situation of the oil industry in particular. The paper also examines the role of renewable energy sources such as solar, wind and hydropower. Discussion The world has not weaned itself from its thirst for oil despite several warnings made by oil experts that peak oil is upon us (Deffeyes, 2001:3).
According to Koos and Granata 2008, unemployment is one of the world’s most difficult agenda as it seeks to deter economic growth of a specific country or state and the entire world. Of importance to note is that, countries with a high level of unemployment have the worst economic growth while those that have a low rate of unemployment experience better economic growth (Lange 1998).
“the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity” (Wikimedia Foundation, Inc.). It is computed as a percentage change in quantity demanded divided by percentage change in price (About.com).
Real goods refer to market goods, while services refers to payment of interest on loans borrowed, royalties on intellectual property, income earned on international investments, etc. Transfer of payments on the other hand, refers to
Moynihan and Titley (2001) have said that United Kingdom was the first country to revolutionize. It is the first industrialized country. However, these days the same country has been undergoing de industrialization.
These days it has been
rate at which one financial institution can obtain surplus cash reserve from the other to fulfil the daily cash reserve requirements that the central bank requires. Demand forecasting is used in order to determine this rate and it is an effective tool of controlling monetary
Oil experiences derived demand1. In this respect, its demand refers to the quantity that buyers will desire to buy at various prices. On the other hand, the supply of oil denotes the quantity that producers are willing to take to
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