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How Competitive is the UK Economy?

Geoff Riley

6th December 2022

I've just published a short revision video on key indicators of international competitiveness. Whilst exchange rates and relative inflation rates are important, in the video I look at some of the latest global rankings for metrics such as patent applications, research and development spending, broadband speeds and early-stage entrepreneurial activity rates. The aim is to provide some useful application examples for students who look at this key topic as part of their A-Level and IB Economics.

How Competitive is the UK Economy?

Competitiveness at a macroeconomic level hasmicroeconomic foundations. It is important for acountry to build a diversified industrial base with sufficient scaled businesses to operate domestically and overseas. South Korea is a good example of a nation with a growing cluster of globally-successful businesses such as Samsung and LG – and South Korea is now a high-income economy with per capita GNI closing in on the Japanese economy.

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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