Intl. Conference on Economics, Finance & Business, Paris

THE ANALYSIS OF MACROECONOMIC DEVELOPMENT OF THE UNITED KINGDOM BEFORE BREXIT

MIKULÁŠ ZEMAN

Abstract:

The paper analyzes strengths, weaknesses, opportunities, and threats of the UK's economy from 2000 to 2018 - in the period before Brexit. The method of research is the comparison with the average of OECD, Eurozone members and with other countries. Results of the analysis are stated in SWOT matrix. As the strong sides of the UK's economy were identified: stable and attractive currency, high final consumption of households an NPISH's, low unemployment rate, macroeconomic stability, large market size, low corruption rate, responsive fiscal and monetary policy, effectiveness in collecting taxes, growth in labor productivity exceeds growth in real wages. As the weak sides of the UK's economy were identified: low security rate, quality of road infrastructure, low number of innovative companies, high tax on personal income, high tax on property, slow growth in labor productivity, large government debt.

Keywords: competitiveness; Brexit; SWOT analysis; United Kingdom; European Union