England Economic Forecast
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When looking at economies throughout the world, England has one of the largest. This country’s economy involves ongoing contribution from the government, as well as private sectors. Even with a capitalistic viewpoint, social welfare of this country continues to be a primary focus along with aerospace, manufacturing, and the arms sectors.
When looking at economies throughout the world, England has one of the largest. This country’s economy involves ongoing contribution from the government, as well as private sectors. Even with a capitalistic viewpoint, social welfare of this country continues to be a primary focus along with aerospace, manufacturing, and the arms sectors.
Without doubt, industrialization is very strong in England but in recent years, a significant change of direction has been seen as things are now moving more toward the services sectors. For instance, tourism is on the rise, having becoming a major part of the economy. In fact, it is estimated that more than one million people travel to England every year.
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England GDP Forecast
During the global financial crisis, England was also hit with recession, with slowed the economy significantly. In fact, this country was deemed one of the hardest hit in the world. With England being the largest financial center on the planet, it explains why the country was affected so much by the crisis. However, to keep losses minimal, tax cuts and changes with other financial instruments occurred. In addition, the services sector helped the England GDP (Gross Domestic Product, Current Prices, US Dollars) by about 75%, along with industry and agriculture sectors. Other sectors that grew dramatically in the late 1990s and early 200s are tourism and construction. Although performance of the industrial growth rate was a negative 9.4% during the financial crisis, overall it is expected to recover well.
England Unemployment Forecast
The England population is estimated at 51 million, spread out over land measuring 13,395 square kilometers. The land of this country is primarily low hills and plains, offering diverse natural resources to include iron ore, natural gas, tin, limestone, coal, petroleum, clay, salt, gypsum, silica, lead, and chalk. With this, the estimated 31.25 people working have good opportunities. In fact, experts believe that more than 18% of the labor force has jobs within the industry sector. Although the industry sector has been beneficial, the largest sector is finance. Even when hit with the recession this sector provided the greatest number of jobs. For many years, the England unemployment rate was low but the financial crisis put 2008 numbers at 5.642%, followed by 8% in 2009. For the future, experts are optimistic that as the worldwide economy settled down, this country will again experience a low unemployment rate.
England Inflation Rate Forecast
Regarding the England inflation rate, numbers reported in March of 2010 show an increase to 4.4%, up from 3% one year prior. As far as numbers being predicted through 2010, the inflation rate is expected to increase again, although the increase is not expected to be significant. Most experts believe the sharp increase recently experienced has to do with housing costs being a part of the formula. Since this particular market was hit all over the world, this would make perfect sense. Another thing that caused the inflation rate to rise was higher than normal prices for petrol, actually reaching an 18-month high. The good news is that interest rates are at a record low, which is expected to help smooth the transition out of the recession. The only real concern that experts will have is that if prices keep rising, it might be possible to see the inflation rate take another sharp jump.
England Current Account Balance Forecast
By January 2010, the England current account balance had a deficit of $905 million in US dollars, the largest on record. In fact, reported numbers were far worse than experts expected. Most of the blame is being directed toward new methods for recording imports and exports failing. Experts strongly believe that if the system had worked, numbers would not have been so dramatic. Regardless of why the current account balance was off, the Chancellor of the Exchequer feels strongly that the current budget needs to be carefully monitored and managed to ensure this does not happen again.
