How Competitive is the UK Economy?
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.
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.