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Using the Data and Your Economic Knowledge, Assess the View That Living Standards in the Uk Are Likely to Be Affected by Economic Growth in Africa.

In: Other Topics

Submitted By wkmalex4869
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Economic growth is the increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation. For comparing one country's economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries. The economic growth in Africa not only affects the country itself, but in our globalised economy, the change will affect as far as european countries. Firstly, the imports will be cheaper in the UK, this leads to a growth in the standard of living in the UK, as they can now buy more goods and at a cheaper price. The standard of living is the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, hours of work required to purchase necessities and a lot more. Also Rwanda is developing tourism successfully, which means UK citizens now have another choice of destination for vacation. Another upside to the growing economy in Africa is that UK now has a bigger export market, this will benefit UK great as we rely on exporting our services and since Africa is now a developing countries, they will need our services more than ever. We could also export high technology goods, as they are not yet equipped for production of these types of goods. The expanding of the export market for UK might seem like it will only boost our economy even further, but looking deeper into the effects, we can see that it also raises a lot of problems. Their low priced imports will be a threat to local firms, which causes unemployment of the...

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