The world economy took a drastic downturn during 2008. The unemployment rate of the United States reached the double digits with an increase in unemployment surpassing 10% of the U.S. population. Moreover, the economy of the United Kingdom also took a dramatic downturn with unemployment affecting nearly 2.5 million people throughout the UK. Within the country of Wales, 45% of their unemployed citizens are under the age of 25.[1] However, the global economy is bound for a positive comeback.
The United Kingdom has recently posted a drop in the unemployment rate with unemployment dropping to the lowest level registered within the last eighteen months. With Germany, France, Japan, and the United States pulling out of the world recession during the summer of 2009, the UK is jogging briskly behind these afore-referenced developing countries.
The UK is showing telltale signs of a resilient economy. The United Kingdom has emerged from a recession after posting a 0.1% growth in the final quarter of 2009.[2] In London, Mayor Boris Johnson has sought assistance from major global banks operating in London. Mayor Boris Johnson states, “The UK economy might be creeping out of recession, but it is no time to relax as youth unemployment remains worringly high.”[3] As funding opens up and programs begin to flourish, the economy of the UK is headed for a better tomorrow.
[1] BBC News-Nearly Half of Jobless under 25, posted June 3, 2009, http://news.bbc.co.uk/2/hi/uk_news/wales/8079769.stm
[2] BBC News-Around the UK’s Economy, posted on January 26, 2010, http://news.bbc.co.uk/2/hi/business/8478584.stm
[3] BBC News-Two Banks to Help Young Londoners, Mayor Announces, posted January 29, 2010, http://news.bbc.co.uk/2/hi/uk_news/england/london/8487093.stm
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