UK economy leaves recession in the dust
In 2008, we entered one of the largest recessions of the history of the United Kingdoms.
For years, we struggled under harsh conditions, with an inflated unemployment rate and high-street stores falling under, leaving towns bare and empty of shoppers.
Now, for the first time, we can claim that as a nation, we are leaving those dark days behind.
The Chancellor George Osborne cites : “We’ve reached a major milestone in our economic plan.”
With varying predictions of growth this year, the IMF shifted their prediction from 2.8% to an impressive 3.2%, which would put Britain very high in the charter of economic growth of developed nations, something which we could not have claimed for many years.
All over the country, talk has shifted to a lighter shade; now of recovery, spending, growth.
However, Osborne warned “not to repeat the mistakes of the past”, suggesting that we should take a more controlled approach toward growth.
It is worth noting that the only sector that has actually reached this point is the service sector, however, the sector takes up a monstrous 78% of the economy and it is assured the rest will follow sooner or later.
Secretary Ed Balls said: “This is no time to make complacent claims that the economy is fixed.”
Indeed, we are still on the long road to recovery, which may take years still.
Factors such as population growth mean that per head, we are still poorer than we were in 2008.
Although this may not be the time to lay down our mice and rejoice, the fact that we are making such a fast recovery is an subject of pride to any member of society that has toiled to earn back money, space and happiness.
The relationship between the economic state of a nation and it’s citizen’s quality of life suggests that soon, we will begin to feel the recovery in our wallets, there will be declines in many crimes and some mental illnesses such as depression, which are always positive to society.
The main reason for recovering from recession
This recovery is due to increases in export, more efficient business and generally optimised conduction over the way the country runs.
Companies, both national and international, have been creating jobs which bring valuable circulation to the heart of the economy.
The global financial crisis of 2008 is considered the worst since the Great Depression of the 1930’s.
It resulted in the threat of collapse to many massive businesses and the closure of thousands of small and medium sized business, both independent and dependant upon larger umbrella cooperations.
recovering from recession also known as the The second Great Depression!!!
It is generally considered that the bursting of a U.S housing bubble in 2006 laid seeds for the later crisis.
It lead to the 2008 onwards global recession which has been dubbed by some as “The second Great Depression”.
The liquidation of several large companies sent unemployment higher than usual, causing strain to national support systems across all affected nations and pressuring many families to the point of breaking.
I, for one, am glad that it’s all coming to a close.