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Summary UK economy's performance in 2023/2024 key trends
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  • OCR

This document contains useful statistics for the Uk economy performance in comparison with other developed, developing and emerging economies.

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  • July 4, 2024
  • 3
  • 2023/2024
  • Summary

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1. Economic Growth and Recessions

● Pre-2008 Financial Crisis: The early 2000s saw steady
economic growth driven by consumer spending, investment,
and a robust financial sector.
● 2008-2009 Financial Crisis: The global financial crisis led to
a severe recession, with GDP contracting sharply. The
banking sector faced major turmoil, leading to bailouts and
significant government intervention.
● Post-Crisis Recovery: The recovery post-2009 was slow,
with austerity measures impacting public spending. Growth
resumed but at a slower pace compared to pre-crisis levels.
● COVID-19 Pandemic: The pandemic in 2020 caused another
deep recession due to lockdowns and restrictions. GDP
contracted significantly, followed by a sharp recovery in 2021
and 2022, aided by government stimulus measures.

2. Labor Market Trends

● Unemployment Rates: Unemployment rates peaked
following the 2008 financial crisis but gradually decreased
over the subsequent decade, reaching historically low levels
before the COVID-19 pandemic.
● Employment Patterns: There has been a rise in part-time
and gig economy jobs. Post-pandemic, the labor market has
seen shifts towards more remote and flexible working
arrangements.
● Wages and Productivity: Wage growth has been relatively
stagnant, and productivity growth has been weak, a trend that
economists refer to as the "productivity puzzle."

3. Inflation Trends

● Pre-Crisis Stability: Inflation was relatively stable and low in
the early 2000s.

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