COUNTRY STUDY (UK, GERMANY & ETHIOPIA)
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90 Terms
What is the Level of Growth? (UK)
Moderate/sluggish growth, around 1%
What is the Level of Growth like that? (UK)
Weak productivity, Brexit uncertainty and high inflation reducing consumption
What is Inflation? (UK)
High inflation, peaked around 11% in 2022
Why is Inflation like that? (UK)
Energy prices, supply chain issues and wage pressures
What is Unemployment? (UK)
Relatively low unemployment, around 4–4.5%
Why is Unemployment like that? (UK)
Flexible labour market and large service sector
What are Interest Rates? (UK)
High/rising interest rates, around 5.25%
Why are Interest Rates like that? (UK)
Bank of England trying to reduce inflation
What is Government Spending? (UK)
Relatively high government spending
Why is Government Spending like that? (UK)
NHS, welfare state and post-COVID support
What are Taxes? (UK)
Relatively high taxes
Why are Taxes like that? (UK)
To fund public services and reduce budget deficits
What are the Main Exports? (UK)
Services and financial services
Why are these the Main Exports? (UK)
London is a major financial centre
What are the Main Imports? (UK)
Manufactured goods and energy
Why are these the Main Imports? (UK)
Deindustrialisation and dependence on global supply chains
What is the Currency Strength? (UK)
Strong-ish currency (Pound)
Why is the Currency like that? (UK)
Developed economy and investor confidence
What is the Current Account Position? (UK)
Usually a current account deficit
Why is the Current Account like that? (UK)
Imports exceed exports
Who are the Main Trade Partners? (UK)
EU and US
Why are these the Main Trade Partners? (UK)
Geographical proximity and historical trade ties
What is FDI like? (UK)
High FDI inflows
Why is FDI like that? (UK)
Stable institutions and attractive financial sector
What is Competitiveness like? (UK)
Strong in services but weaker in manufacturing
Why is Competitiveness like that? (UK)
High labour costs but advanced service industries
What is Poverty like? (UK)
Relative poverty exists
Why is Poverty like that? (UK)
Inequality and regional income differences
What is the National Debt? (UK)
High national debt
Why is National Debt like that? (UK)
COVID borrowing and expansionary fiscal policy
What is the Level of Growth? (Germany)
Slow/weak growth, around 0% to -0.3%
Why is the Level of Growth like that? (Germany)
Energy crisis and weaker global demand
What is Inflation? (Germany)
Inflation peaked around 8–9%
Why is Inflation like that? (Germany)
Dependence on imported gas
What is Unemployment? (Germany)
Relatively low unemployment, around 3–3.5%
Why is Unemployment like that? (Germany)
Strong manufacturing and vocational training
What are Interest Rates? (Germany)
Around 4% ECB interest rates
Why are Interest Rates like that? (Germany)
Germany uses the Euro and follows ECB policy
What is Government Spending? (Germany)
Traditionally lower/more cautious government spending
Why is Government Spending like that? (Germany)
Germany prefers fiscal discipline
What are Taxes? (Germany)
Relatively high taxes
Why are Taxes like that? (Germany)
Welfare system and infrastructure funding
What are the Main Exports? (Germany)
Manufactured goods, cars and engineering products
Why are these the Main Exports? (Germany)
Competitive manufacturing sector
What are the Main Imports? (Germany)
Energy and raw materials
Why are these the Main Imports? (Germany)
Industrial economy requires inputs
What is the Currency Strength? (Germany)
Strong currency (Euro)
Why is the Currency like that? (Germany)
Strong European economies support it
What is the Current Account Position? (Germany)
Large current account surplus
Why is the Current Account like that? (Germany)
Exports exceed imports
Who are the Main Trade Partners? (Germany)
EU countries, China and the US
Why are these the Main Trade Partners? (Germany)
Strong manufacturing export links
What is FDI like? (Germany)
High FDI
Why is FDI like that? (Germany)
Skilled labour and strong infrastructure
What is Competitiveness like? (Germany)
Very competitive globally
Why is Competitiveness like that? (Germany)
High productivity, engineering and innovation
What is Poverty like? (Germany)
Lower poverty than many countries
Why is Poverty like that? (Germany)
Strong welfare system and employment
What is the National Debt? (Germany)
Moderate national debt
Why is National Debt like that? (Germany)
Historically cautious fiscal policy
What is the Level of Growth? (Ethiopia)
Historically fast growth, around 6–8%
Why is the Level of Growth like that? (Ethiopia)
Infrastructure investment and industrialisation
What is Inflation? (Ethiopia)
High inflation, around 20–30%
Why is Inflation like that? (Ethiopia)
Food prices, supply constraints and currency weakness
What is Unemployment? (Ethiopia)
Around 8–10% official unemployment with high underemployment
Why is Unemployment like that? (Ethiopia)
Developing labour market and agricultural dependence
What are Interest Rates? (Ethiopia)
Relatively high interest rates, around 15%
Why are Interest Rates like that? (Ethiopia)
Inflation and weaker financial systems
What is Government Spending? (Ethiopia)
High infrastructure spending
Why is Government Spending like that? (Ethiopia)
Development goals and economic transformation
What are Taxes? (Ethiopia)
Lower tax revenues overall
Why are Taxes like that? (Ethiopia)
Large informal sector and lower incomes
What are the Main Exports? (Ethiopia)
Coffee and agricultural products
Why are these the Main Exports? (Ethiopia)
Comparative advantage in primary goods
What are the Main Imports? (Ethiopia)
Machinery, fuel and manufactured goods
Why are these the Main Imports? (Ethiopia)
Industrial development needs capital goods
What is the Currency Strength? (Ethiopia)
Weak currency
Why is the Currency like that? (Ethiopia)
Lower investor confidence and trade imbalances
What is the Current Account Position? (Ethiopia)
Usually a current account deficit
Why is the Current Account like that? (Ethiopia)
Imports and development spending exceed export earnings
Who are the Main Trade Partners? (Ethiopia)
China, EU and neighbouring African economies
Why are these the Main Trade Partners? (Ethiopia)
Infrastructure investment and regional trade relationships
What is FDI like? (Ethiopia)
Increasing FDI
Why is FDI like that? (Ethiopia)
Cheap labour and industrial park investment
What is Competitiveness like? (Ethiopia)
Lower competitiveness overall
Why is Competitiveness like that? (Ethiopia)
Weak infrastructure and lower productivity
What is Poverty like? (Ethiopia)
Significant absolute poverty
Why is Poverty like that? (Ethiopia)
Low incomes and rural dependence
What is the National Debt? (Ethiopia)
Rising national debt
Why is National Debt like that? (Ethiopia)
Infrastructure borrowing and development project