UK Set To Be The Best Performing Economy In ‘Western Europe’
As 2015 comes to an end, market analysts are working hard to analyze market trends and predict which economies will have a good year in 2016 and which economies will continue to struggle.
The Centre for Economics and Business Research (Cebr) recently released the World Economic League Table and stated that the United Kingdom will be the best performing economy in Western Europe during 2016.
The U.K has experienced marginal growth during 2015, increased the number of employment opportunities in the country and thereby brought down its unemployment rates. The new report states that the UK will continue to do well in 2016 due to its robust information technology industry and will benefit from its diversified workforce.
The UK’s gross domestic product (GDP) in 2015 stood at 3 trillion US dollars making it the 5th biggest economy in the world, behind Germany which had a GDP of 3.3 trillion US dollars and Japan that had a GDP of 4.1 trillion US dollars. The UK could very well overtake Japan and Germany by 2030 and have one of the most versatile economies in the world. The UK still has a long way to go if it is to compete with the likes of the United States which has a GDP of 18 trillion US dollars and China whose GDP is at 11.4 trillion US dollars.
The WELT report also highlighted the fact that UK’s economy remained vulnerable to a number of factors such as its referendum and decision to continue being a part of the European Union; a departure of Scotland or Northern Ireland from the United Kingdom and its over dependence on subsidies that is generated by the high taxes imposed on those living in London. The UK government responded to the report by stating that the government is taking steps to build a more robust economy.
In a statement, a government representative said
The Government’s long-term plan has laid the foundations for a stronger economy. The UK is now set to be the best performing economy in western Europe and it could overtake Japan in the 2030s and then Germany. With the deficit reduced by almost two thirds as a share of GDP since its peak in 2009-10, an average of 1,000 extra people in work each day and employment rates at a record high, the Government’s plan for a more prosperous future is delivering for working people.
