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Global problems

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Brexit

 UK delivers Brexit plan to the EU.

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Global problems

The global economy faces a number of serious challenges in the 21st Century. Globalisation has benefitted most participants, but the increasing interconnectedness of the global economy has created a number of problems.

Short term problems

Some global problems are short term, such as the recent recession caused by the credit crunch and related banking crisis. Most global shocks are relatively short term and may be self-correcting.  Other apparently short run events can have long lasting effects, such as the oil shocks of the 1970s, which permanently altered the global market for oil.

See also: Global shocks

Longer term problems 

Other global problems are longer term, and may require a strategic approach to finding solutions. These problems include global inequality and unequal economic development, global poverty, the exhaustion of non-renewable resources, depletion of the environment and global warming, and systemic problems associated with inadequate regulation of financial markets.

Footnote: The impact of Brexit

Much of the impact of Brexit is likely to be relatively short-lived, and will include both positive and negative effects. The net balance between these effects will remain unknown, at least until negotiations begin and the final post-Brexit relationship between the UK and the EU is formalised. Even then, the longer-term impact will be uncertain, as this will depend upon the type of trade deals that can be struck by the UK and the rest of the World in the future.

 


GDP latest
GDP latest

UK economy contracts by 0.2% in 2nd quarter of 2019.

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Model agencies collude to fix rates

Regulators find leading model agencies guilty of price fixing.

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Customs unions

Costs and benefits of customs unions.

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New materials

Multiple choice papers for Paper Three.

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Savings ratio

Savings ratio falls to lowest level on record.

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