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The economic situation in most countries all over the world has been major cause for concern over the past few years. A lot of people in different countries are finding it really difficult to cope with the hardship that unfortunate turns in the economy have brought on. Though the governments in the different countries concerned are putting in a great deal of effort to see that their country’s economies regain their former statuses at the very least, it would appear most of them still need to put in even greater effort as the numerous strategies they have employed have so far proven to be insufficient.
The UK economy is one of the economies that were most affected, and the government is doing everything in its power to ensure that the country’s economy becomes stable once more, no matter the cost. A lot of economists and analysts have suggested many ways and strategies that they think the stability of the UK economy can be achieved.
Despite all the efforts, the former chief economist of HSBC and a keynote speaker at Post’s insurance strategy 2012 event, Dennis Turner, in his own candid opinion, maintains that the recovery of the economy is taking too long. He attested to the fact that the economy was gradually making its way back but said that the pace at which the recovery is being made is quite slow, especially since other economies have a trend of sustainable growth rates. The growth rate for Britain is expected to be 2.5%, but according to him, “this year we are less than 1%”. If we are supposed to achieve a 2.5% growth in the economy, and we are still at 1%, and already in the third quarter of the year, then we aretruly behind, and need put in a lot more effort.
According to Turner, the hope of revitalizing the UK economy lies, not within the country, but somewhere else. He believes that the country’s economy will get better at a faster speed and rate if we look into other markets that are still coming up. In his own words, “what we need to do is look elsewhere to the emerging markets such as Brazil, Russia, India, and China”.
A lot of people believe that the previous officials of the UK government did nothing but make matters worse for the economy of the country by speeding up the recession process. But Turner, in his own opinion again did not agree to this, rather he went ahead to say that the previous government “did everything in its power to try to kick-start the economy”. He said the people have Gordon Brown to thank for his effort, because he tried his best when the recession set in.
