Connect with us

Hi, what are you looking for?

Economy

The COVID/Brexit cocktail: UK lost market share in US, Germany and China — report

LONDON — The United Kingdom lost market share in the United States, Germany, and China during the coronavirus disease 2019 (COVID-19) pandemic due to global trade chaos, Brexit, and poor productivity, according to new research published on Monday.

The United Kingdom performed particularly badly due to a long-term stagnation in productivity growth, according to the report by Aston University’s Lloyd’s Banking Group Centre for Business Prosperity.

While all countries grappled with the tumult of COVID-19, the United Kingdom lost market share in its biggest export markets—the United States and Germany, the research showed.

“In some key export destinations—Germany, the UK and China—the UK seems to have suffered a sharper decline, experienced a slower recovery, and seen its global competitiveness dwindle,” the report said.

“The UK’s decline in exports to the US appeared the sharpest in both absolute and relative terms and the most prolonged among the major European countries (except for France).”

Between 2017 and 2019, the UK increased total exports to Germany by 8.5%—less than the export growth achieved by Italy(12%), the Netherlands (14%) and Spain (20%), as well as the United States (24%).

“This to some extent paints a picture of slowing UK exports to Germany following the 2016 Brexit referendum, which may indicate some decoupling between the two economies,” economists Jun Du and Oleksandr Shepotylo said in the report.

The research, based on United Nations trade statistics, also indicates that the UK lost market share in China

“The combination of COVID, Brexit and the UK’s long-term productivity challenges will put British businesses in an adverse position for the foreseeable future,” the report said.

The United Kingdom’s relatively poor productivity has puzzled economies for years: explanations vary from poor employee skills and low research investment to demand-side factors such as the financial crisis. — Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Follow us on Spotify BusinessWorld B-Side Despite saying that the pandemic response is a top priority, the executive department of the Duterte administration slashed the P50.4...

Economy

Wilcon Depot celebrates the successful opening of its newest retail store in Pila, Laguna, as part of its ongoing #FlyingHighTo100 store expansion campaign. Opened...

Economy

As climate change takes center stage as one of the world’s most pressing challenges, and countries race to transition from fossil fuels to clean energy...

Economy

Willis Towers Watson shares the secret to its successful 40 years of providing world-class advisory, broking services and business solutions The COVID-19 pandemic has...

Economy

The coronavirus pandemic has continued to dampen the demand for residential property, particularly in Metro Manila. — PHILIPPINE STAR/ MICHAEL VARCAS By Luz Wendy...

Economy

1 of 2 The reconstruction of the iconic Grand Mosque is part of the rehabilitation works in Marawi. — COURTESY OF DEPARTMENT OF HUMAN...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!