The Economy of the United Kingdom

The eventual exit of Britain from the EU on January 31, 2020, after series of negotiations and compromises, initiated a period of economic transition and uncertainty worldwide. This shows how much important the economy of the United Kingdom has been to the world. Brexit, as the process is generally called, has drawn more attention to the UK economy more than ever before. For you to make sense of all of that, I’ll love to give you a peep through the United Kingdom economy in this video. Background and Currency Let’s take it from before World War I and World War II since the country’s economy was negatively affected by the war, even though the UK didn’t lose the war. The industrialization of the economy was pioneered by Britain in the 18th century. During the 19th century, the country had been exerting great influence on the global economy, making as much as 9.1 percent of the world’s GDP in 1870. This is attributable to its expansive colonial empire and superior technological strides. However, as the US and Germany were embarking on the Second Industrial Revolution in their territories, a growing economic challenge was facing the UK. This was complicated by the cost of the two world wars in the 20th century. Therefore, the economic position of the UK didn’t remain as dominant as it used to be. Yet, in spite of this relative decline in global dominance, the country retains its ability to exert significant power and influence in the 21st-century world. The country’s economy has been fiercely independent, and highly developed. As an international trading center, the United Kingdom economy was the vital force in the 19th-century Industrial Revolution. Ever since the economy of the UK has remained a developed social market and market-oriented. In terms of nominal gross domestic product (GDP), the UK economy is the 5th-largest in the world, and the 9th-largest measured by purchasing power parity (PPP). The economy is in the 21st position in the world when measured by GDP per capita. This means that the UK economy constitutes 3.3% of the world GDP. As one of the world’s most globalized economies comprising England, Scotland, Wales, and Northern Ireland, the UK economy has grown to be the 5th-largest exporter and the 5th-largest importer in the world as of 2019. The country’s inward foreign direct investment is the third-largest while outward foreign direct investment is the fifth-largest. The United Kingdom has consciously guarded its pound sterling. The UK’s currency is the world’s fourth-largest reserve currency, following only the US dollar, the Euro, and the Japanese yen respectively. Subscribe to my Channel: Website: ✅ For business inquiries, contact me at olumayowaonline@ ----------Support my channel------- Bitcoin: 1JvUtAS2MKJ3y9WghQmp9a9dKMxTfQUHhz Doge Coin: DLAiLVRAg3JrPiLxSwgcoBxgHzTg4Fq3W1 Ethereum: 0xdd897e1c8e76D90b343Aef1491fad93780890F82 Paypal: olumayowaonline@ Try Tubebuddy for free: Get stock footage for your videos: SHOP THESE PRODUCTS CAMERA: Microphone: SD Card: Vlogging Tripod: Studio lights: Apple Airpods: Travel Backpack: Books I recommend: Rich Dad Poor Dad: The 7 Habits of Highly Effective People: Dare to Lead: The Intelligent Investor: DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my YouTube channel so I can continue to provide you with free content! Photo Credit: cattan2011, Ian Dick, Sharon Loxton, Smudge 9000, Rick Massey, Harshil Shah, Dave_S., Matt Buck, Elliott Brown @N08/51393499094/ @N08/51407340862/ @N08/50980093417/ : @N08/43422009442/ #UnitedKingdom