Business Economics Essay Example | Topics and Well Written Essays - 2500 words - 2

Business scotchs - Essay ExampleReduced investment and light image of the sector is put in the backseat without fresh blood in the segment. The industry must build competitive edge by manufacturing those goods that consumers want and Britain has technical and competitive advantages. Manufacturing in Britain is still important. There is a need to keep the economy diversified, that can not be possible without manufacturing. UK requires shifting into more hi-tech manufacturing which is less labour intensiveUK economic scenario can be viewed from this chart and diagram, which clearly points about the travel gross domestic products every decade from the Second World War when the UK economy boomed (Hundred years of Economic statistics, World Economic Outlook)The boom of the new century ended in 2008 when UK entered a recession caused by the spherical financial crisis following the collapse of the UK Northern Rock Bank. British economy shrunk by 2.4% in the first quarter of 2009 compa red with the previous one as reported by the British Office for content Statistics (ONS). According to the ONS, output of the production industries fell 5.1 percent, while service industries fell by 1.6 percent, with negative step-up in all sub-industries except government and other services. (British economy shrinks 2.4 %-----)Britain is still reputedly the sixth biggest global manufacturing economy. The UK manufacturing sector is currently in recession and last year recorded its largest annual decline for a decade. The manufacturing sector had witnessed the boom in 1995 when it touched almost 8% development and then moved in between 0 to 2% growth level. After touching more that 2% in 2007 the manufacturing shrunk to a lower place in 2008. Services account for 80% of Britains G.D.P. Service industry is not entirely free lance and depends very much over manufacturing sector only. The UKs services industry as seen as the engine of growth for the national economy does not appear convincing.There is puzzling question in