Employment growth set to halve in next decade as labour and skills shortages bite
New analysis shows that major reforms to our employment and skills system are needed, to avoid weaker jobs growth contributing to higher inflation and falling…
Economic Growth
What is Economic Growth?
Economic Growth is the augmentation or enhancement in the inflation-adjusted market value of the goods and services produced by an economy within a financial year.
Statisticians traditionally quantify such growth as the percentage rate of increase in both the real and nominal gross domestic product.
It refers to the expansion of a country’s economy over a specific timeframe, with the size measured by the total production of goods and services, known as gross domestic product (GDP). It can be assessed in either ‘nominal’ or ‘real’ terms.
How is Economic Growth Measured?
The formula for measuring this is GDP = consumer spending + business investment + government spending + net exports.
Why is Economic Growth Important?
It generates job opportunities, leading to stronger demand for labour, which is the primary and often the sole asset of the poor. Increasing employment, in turn, has been crucial in delivering higher growth.
How does Economic Growth Benefit us?
Flexible working to boost UK productivity by 12%
DocuSign Reveals that the Shift to the “Anywhere Economy” Will Spark Productivity Boom and Expansion of Global Economy Over the Next Decade DocuSign, Inc, which…
The UK’s Shrinking Workforce
The UK is the only OECD Member country, except for Switzerland, to have seen a sustained rise in economic inactivity since the start of the…
Colleges need a more collaborative environment to thrive, report says
The Association of Colleges has today published a FE Provider Strategy and Mandate which builds on the College of the Future report published in 2020.…
