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10 May 2011
Gross domestic product (GDP) refers to the market value of all final goods and services produced within a country in a given period. It is often considered an indicator of a country's standard of living.
Growth in the UK economy is slow – the CBI predicts 1.7% growth in GDP for the whole of 2011.
Inflation is expected to average 4.2% for the whole of 2011 which places a burden on everyone. It is no surprise that high street sales are down, for instance, when the average household cost of filling up their cars with fuel is now 13% up over the last 12 months.
However, the CBI predicts exports will outpace the rise in import both this year and next.
Many analysts are now looking at the huge potential offered by the emergence of India in the global market. To put things in to perspective, the UK exports more to Sweden than India. And yet by 2020 India is expected to overtake China as the World’s fastest growing economy.
A report in today’s FT predicts that India’s current 50 million strong, middle class English speaking people will increase tenfold in the next 15 years. This will create a huge demand for infrastructure, technology, education, consumer goods, media and services.
It is a fact that Brazil, Russia, India, China and South Africa (BRICS) are emerging as the major economic power houses of the 21st century.
With Britain’s strong historic links, huge opportunities exist for NW businesses to discover new markets.
One example to consider is that the Indian government is predicted to invest £600bn in infrastructure projects over the next few years – an area where the UK has a world-class reputation.
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