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A2 macro

stabilisers,
they are
inevitable.
economic Hysteresis may
arise, if

(performance) unemployment
persists for
longer period of
The recession that time as the
started in 2008 had worker loses
his/her skills
scarred the UK and is less likely
economy. Although to be employable even if
to develop further
recovery is and has economic recovery is
on a global and achieved. Also, during
taken place, the
national level. periods of downturns, some
government is works are discouraged to
finding it difficult to Unemployment seek work as job prospects
cope with the are low and less
Unemployment worthwhile.
damage that has
been done. The four figures Another interesting thing to
main macro- note is that male
The employment rate for unemployment is
economic objectives those aged from 16 to 64 significantly higher than
of our government for the three months to female unemployment. This
November 2010 was 70.4
are: is likely to be more
per cent, down 0.3 on the involuntary unemployment,
quarter. The number of
Low
people in employment
unemployment (a aged 16 and over fell by
high employment 69,000 on the quarter
rate) to reach 29.09 million.

Male unemployment
Less deficit in the increased by 43,000 on
Balance of the quarter to reach 1.48
Payments million and female
unemployment increased
Low inflation (2% by 6,000 on the quarter to
reach 1.02 million. whereas female workers
is the target) that often work part-time
This rising trend in find it difficult to continue
(Sustainable ) unemployment is working and voluntarily
Economics growth detrimental to the stop working especially if
economy. With fewer they are a lone parents.
It is in the workers to operate on
machinery/spare capacity, Cur
government’s best
the more the actual rent account
interests to manage economic growth will be
and achieve these hindered. More people will The UK current account
aims as it will widen be claiming benefits such recorded a deficit of £9.6
as JSA, which is a burden billion in the third quarter
the prospects for the on the government – JSA of 2010, increased from a
economy, and allowance operate in the revised deficit of
enable it form of automatic £5.2 billion (originally
published as a deficit of
£7.4 billion) in the previous
quarter.

The current account deficit


widened as: CPI annual inflation – the
Government’s target
• the deficit on trade measure – was 3.7 per
in goods increased cent in December, up from
by £3.0 billion to 3.3 per cent in November.
£25.7 billion
Gross Domestic Product The largest upward
(GDP) decreased by 0.5 per pressures to the change in
cent in the fourth quarter CPI annual inflation
of 2010, compared with an
• the income surplus between November and
reduced by £2.3 increase of 0.7 per cent in December came from:
billion to £7.5 the previous quarter. The
billion GDP estimate was
• fuels and
significantly affected by the
lubricants, where
bad weather in December. prices increased
The decline in the fourth this year by 2.8 per
• the deficit on quarter is due to decreases cent, the largest
current transfers in two of the component rise for a November
increased by £0.4 aggregate series, namely to December period
billion to £4.5 services and construction. since 1996. Petrol
billion and diesel prices
both rose by more
Sustainable growth is an
However, this was partly than a year ago
important macro-economic
offset as: reflecting a sharp
objective. If growth takes rise in the price of
place – a rise in Real GDP- oil between
• the surplus on not only will consumer November and
trade in services December 2010.
choice and material living
increased by £1.4 The price of petrol,
billion to £13.1 standards increase but
as recorded by the
billion also, employment
CPI, stood at £1.22
opportunities tend to be in December 2010,
Although the UK Specialises higher. Since labour is a record high
in services, the trade derived demand, if the
account in the Balance of demand for products
Payments has always been increases during economic
in a deficit for several growth, more workers will
years. This is because we • gas, where average
b employed as spare bills rose this year
import more goods than
exporting goods/services. capacity can be utilised. due to some of the
The UK is also making less major energy
money from FDI as several However, since the UK has suppliers increasing
companies are sold away experienced a slowing their tariffs in
and the government is down of growth, December 2010.
continuing to borrow Average gas bills
employment would have
money. A budget deficit – were unchanged
suffered and the output
an aspect of PSNCR - between November
gap has widened. It will and December
results in the government
take longer before we work 2009 e
finding it difficult to cope
with high unemployment produce on the PPC, and
levels. much longer for the PPC to
shift outwards.
• etc....
Inflation
CPI inflation 3.7%,
RPI 4.8%
Inflation has to be kept low
using predominantly monetary
policies – higher interest rates,
to cut down spending by
reducing demand-pull and
cost-push inflation.