What causes the UK economy to lag Behind

Is the UK Falling Behind?

Predictions can never be 100% right. Because so many things, from geopolitics to the weather, affect economic growth, it’s hard to make accurate predictions. But they can show you how to do things right.

And the facts show that the huge problems of the past few years have hurt other countries less than they have the UK.

Figures from the Organization for Economic Cooperation and Development (OECD), which looks at how well rich countries are doing, show that the UK economy fell more than others in the first few months of the pandemic.

Once the economy started up again, the UK got back on its feet quickly, but not fast enough to make up for what it had lost.

But there might be a smaller difference between the UK and other countries than it seems.

Most countries judge the quality of their public services, like health care and education, by how much they cost, like a nurse’s salary. However, in the UK, they are counted differently based on the value of their services, such as hospital operations.

The UK’s numbers should show what happened when schools were closed, operations were canceled during Covid and when there were strikes.

The big picture is still the same, though. The Bank of England and the IMF think that the UK economy will shrink this year while the economies of other G7 countries will grow.

Some people, like pro-Brexit economist Julian Jessop, think the IMF was too negative about the UK’s future and that the differences being talked about are small, like a percentage point here or there.

He says that there is still “something to explain” why the UK’s economy isn’t doing well………..Read More

Source:- Economic Insider