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Thursday, June 8, 2017

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Rising European Economy and The British Elections

British general election results are expected to come by 3:00 AM GMT+5

Brexit was a blow to many with the vote being so close but it did not affect Britain’s economy as much as some predicted. The country has seen slow but steady growth this year and the last. The problem is probably that the rate of economic growth of Europe is not as high as European businessmen would like. Brexit definitely played a part in the trembling British economy but thankfully, it held together before utter chaos could be unleashed. That being said, Brexit is still in its initial stages so it’s difficult to predict what the future holds.

Since Europe’s economic situation is improving, does that bode well for Britain if it is leaving the European Union? Europe is currently enjoying excellent export demand in various industries even more than Asia. This is surprising since Asia is the preferred region for establishing manufacturing units for several businesses. The cheap labor and availability of raw material has made it a hotspot for factories owned by companies in Europe, North America and Britain. The fact that European manufacturers have surpassed Asian manufacturers reveals considerable information about the present state of Europe’s economy. Germany, in particular, is doing spectacularly while other European nations haven’t witnessed such good records in years.

Although Britain’s GDP growth and migration statistics are far from their golden era, the condition is not too shabby. Inflation is close to 3% so the common man in Britain is feeling like their monthly income has to be stretched a bit but it’s nothing severe. Employment rates in Britain are at an all time to the contrary. All in all, things are going much better than expected after the Brexit vote. That’s probably why Theresa May has announced a national election in a week’s time. Things may be uncertain in the near future but right now, the British economy is making her look good. This rushed election may not sit well with the opposition but it remains to be seen if her timing tactic will truly work to her advantage.


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