Jennifer Rudd/ October 1, 2008/ 9:22 p.m.
When you think about something for so long and try so hard but things do not turn around; well this is how the United Kingdom feels with its economy. I know that the USA is going through some bad and rugged times but week after week reading about the UK it just makes me think about how bad things could really get.
The Office for National Statistics left its gross domestic product estimate steady at zero, having revised it down from 0.2% a month ago. Most economists think the economy has contracted in the current three months and will do so again in the final quarter of the year, meeting the technical definition of a recession. This recession could help or just deter the country all together. Real incomes are starting to fall drastically and unemployment rates have hit all time highs. The British economy failed to grow at all in the second quarter of the year, newly updated data confirmed this past week. When growth is not in the future for anything, then hope for its continuous is slim to none. This is what I think of when I hear about a restaurant or big company but never a country. House hold finances are being stretched too far and with banks being as bad as the past articles have been then taking a loan are definitely out of the question.
I feel that since the United Kingdom’s economy is so bad that a recession is predicted by the end of the year seriously scares me. I cannot imagine what might happen to the countries that it deals with such as trade. All of this information just makes me think of how unaware of I am with my own country that I live in. Like I have said in the past, I just hope and pray that this economy gets better by day and then hopefully by weeks. But knowing that the United Kingdom is not that big of a country to really affect the rest of the globe, it is still makes me question of what it could affect. It is not like a country can really go through bankrupt or file for it and then maybe come back later; it is either a do or die situation for a country. People got through the Great Depression so hopefully global economy can be surpassed some how.
http://www.guardian.co.uk/business/2008/sep/30/recession.economics
2 comments:
I agree, all this is going way to far and the thought of a depresson coming up again could be likley in the fute if there are not measurses taking to make it better.
Yeah, the bad economy makes me really nervous. We are all in sort of a rough position to be in as students in the midst of all this, and I am afraid of the time when I get out of school and look for a job.
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