UK performing worse than all but one G7 country in ‘global race’

The UK is experiencing a slower economic recovery than 23 of the 33 advanced economies monitored by the International Monetary Fund (IMF) and is lagging behind all but one G7 country on exports, wage growth and manufacturing, according to new analysis published today by the TUC.

The UK is experiencing a slower economic recovery than 23 of 33 advanced economies monitored by the International Monetary Fund (IMF) and is lagging behind all but one G7 country on exports, wage growth and manufacturing, according to new analysis published today by the TUC.

The analysis also reveals that the UK is emerging from recession at a slower rate than at any time in recent history. UK income per head in 1985 was six per cent higher than it was before the 1980 crash. In 1995, UK income per head was seven per cent higher than before the 1990 recession. However, UK income per head is today still six per cent below its 2008 level.

So much for David Cameron’s “global race”.

Source: IMF World Economic Database, TUC calculations

Real GDP Per Capita growth 2008-2017 – IMF advanced economies

1 Taiwan Province of China 35.7%
2 Korea 29.6%
3 Hong Kong SAR 26.2%
4 Singapore 24.2%
5 Slovak Republic 18.9%
6 Estonia 17.0%
7 Australia 14.8%
8 Israel 12.3%
9 United States 11.2%
10 Sweden 10.6%
11 Germany 10.3%
12 Malta 9.9%
13 New Zealand 9.2%
14 Japan 8.7%
15 Canada 6.6%
16 Czech Republic 6.5%
17 Austria 5.2%
18 Switzerland 4.5%
19 Norway 3.4%
20 France 1.7%
21 Ireland 1.5%
22 Netherlands 0.6%
23 Finland 0.0%
24 United Kingdom 0.0%
25 Denmark -0.4%
26 Belgium -1.1%
27 Spain -1.8%
28 Portugal -2.1%
29 Iceland -2.8%
30 Italy -5.9%
31 Slovenia -6.7%
32 Luxembourg -9.4%
33 Greece -14.1%

Source: IMF World Economic Database, TUC calculations

 

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