The global economy is facing unprecedented challenges in light of the ongoing COVID-19 pandemic. The United Kingdom and the United States, two of the largest economies in the world, have experienced vastly different economic outcomes during this time. While the US economy is currently booming, the UK is in the midst of a recession. What factors have contributed to this disparity?
One key reason for the differing economic performances of the UK and the US is their respective responses to the pandemic. The UK was hit hard by the virus, with a high number of infections and deaths leading to strict lockdown measures that significantly disrupted economic activity. The US, on the other hand, has seen a rapid rollout of vaccines and a more coordinated response at the federal level, allowing for a faster reopening of businesses and a quicker economic recovery.
Another factor that has played a role in the UK’s recession is the uncertainty surrounding Brexit. The country’s exit from the European Union has created disruptions in trade and supply chains, leading to increased costs and delays for businesses. In contrast, the US has not faced similar trade challenges, allowing its economy to continue growing without the added obstacles created by Brexit.
Additionally, the UK’s economy is heavily reliant on services, particularly in industries such as hospitality and tourism, which have been hit hard by the pandemic. The US, with a more diversified economy that includes strong manufacturing and technology sectors, has been able to maintain growth even as certain industries have struggled.
Furthermore, the US government has implemented significant stimulus measures to support businesses and individuals during the pandemic, providing a much-needed boost to the economy. In contrast, the UK has faced criticism for its slower response to providing economic support, which has contributed to the country’s recession.
Overall, the differing responses to the pandemic, the impacts of Brexit, and the unique economic structures of the UK and the US have all played a role in the current economic conditions of each country. As the global economy continues to navigate the challenges of the pandemic, it will be crucial for policymakers to implement effective measures to support businesses and individuals and drive economic recovery.
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I made a new video about why Americans feel the economy is rigged against them. Despite "strong economic growth". https://www.youtube.com/watch?v=ScfqK5gNfiE
America is a bigger country with more natural resources and a different structure.
Germany got the gas cut by the conflict in Ukraine hence recession
The US economy is strong but at high risk of social unrest or even civil war.
The UK and US apparently are paying the price of the cold war and post cold war ideology that resist in fading away unlike in other countries that are over it and capable of reaching a nice balance between growth and social security
US is booming….?
You guys nuts whole west is in recession due to war and printing of money like a crazy nut during Covid
Short answer: inmigration.. the first source of uks inmigration are nigerians
Short answer : inmigrants.. economy in the us goes against the "people"
At 2:57 is something wrong – in a way – because normaly you would count the debt of the country towarda other countries (there is a different grafic for that) and Japan is that high because they are using a depth towards theyr citizens – this grafic, but in reality is smaller.
Looser immigration laws allowed for an influx of workers to quickly fill lost pandemic jobs in the US. UK and Germany are a little more racist than the US so they cut migration. The US is lucky enough to have progressives' and liberals to use real data in making decisions. Conservative choices are based on mythology. Always going to lose.
That's cool but GDP metric sucks and is full of bs. Wish that economists have stopped using it and utilize more granular metrics.
Answer: High Taxes.
Things are BOOMING in the U.S. All sorts of companies are getting laid off at the moment.
"No shortage of people wanting to buy US treasuries" that gave me a laugh. The Usa is buying
up a large part of its own debt, the interest on which will be 2 – 3 Trillion dollars this year. This debt will either be defaulted on or the dollar will be inflated to zero. Small wonder the Brics nations are getting out of using the dollar where they can.
If you are properly prepared and have the necessary knowledge, every crisis/crash/inflation or recession offers equal market opportunities. I've seen people accumulate up to $800,000 during crises and even do so with ease in a terrible economy. No doubt someone has become enormously rich as a result of the crisis.
Because the US lied about not being in a recession…so no one panicked
As an American, let me inform you that all statistics from the current administration are complete B.S.
American are suffering financially and culturally, thus giving Trump his popularity. Statistics can lie.
The UK has had such a fall from grace, especially post BREXIT.
Red tape and high welfare costs, chronicly unproductive and inefficient public sectors, many people not feeling the need to work…. and the US problem? reducing lifespan? ie less retired people and old people needing care and health care etc erm that's another reason they going stronger
It looks like uk is gona become the next srilanka
UK dont give a shit about ordinary people
It may be dangerous to be America's enemy, but to be America's friend is fatal.
So, the good old [Tax Cuts -> ??? -> Economy is fixed] idea doesn't work after all. Yeah, as it turns out managing the economy is for thinking people. Who could have possibly foreseen such a thing?
Ohh i see this is why whole uk migrating to Australia.
US is printing way too many dollars
Woke net zero zealots
We take risks. We start businesses. I am 52-year-old woman with a preteen. I just went back to college and graduated during COVID. President Biden's help was a godsend. I began my business and I work like crazy while my German husband works 50 to 60 hours at a Startup. We lived in Switzerland. He could not start an Aerospace company with his friends after four years of Swiss/NASA/ESA experience. We decided to return as I wanted a new career. Our friends in Switzerland and Germany are so smart, but they were frustrated not being able to start anything becase of all the red tape. It is easy just to say the US prints money when you don't see how we go about with not traveling as much so sustain my company. Yet, we are happy in my birth city of Miami which is now expanding into everything. We can move around without worrying about the language since we are both English and Spanish speakers which is ideal in the USA.
US government and president are lying and inflation is at the highest. So is our debt. This is due to them wanting to show that US is doing well with the current president when it is not.
Who the f@&k says us economy is booming
Did I hear 2 year mortgage?