In a more productive country, citizens could enjoy longer retirements, more consumption and a better class of rollercoaster
UK economyMany good foreign holidays raise the question, “why don’t we do it like this at home?” But this year I started to obsess about that idea. We’d gone to Germany — the Alps and the Black Forest — and everywhere I looked, I felt a twinge of envy. In the Alps, the village of Farchant boasted a 50-metre swimming pool, a diving pool, a children’s pool and an assortment of slides. I wrote last week about theThen there are the rollercoasters.
I began by looking at the World Bank’s data for gross domestic product per capita, measured in “international 2017 dollars” — an imperfect but necessary attempt to adjust for the changing cost of living between countries and over time. In 2007, just before the financial crisis, the UK’s per capita output was a little over $44,000.
By 2022, US GDP per capita had grown by more than 15 per cent and Denmark’s by 11 per cent. Germany’s had grown 14 per cent and Slovenia was 21 per cent richer than in 2007. Poland had done even better with more than 70 per cent growth. The UK’s limp economic performance reflects a slow accumulation of disappointments. A finance-heavy economy suffered a steep recession in 2008 ; a slow recovery ; more economic damage from Covid-19 ; and the economic trauma of Liz Truss . As a backdrop to all this, the economic costs of Brexit are steadily accumulating .
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