Could anyone provide a suitable, ideally 3 mark definition for 'rebalancing the economy'.
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Rebalancing the Economy watch
- Thread Starter
- 24-01-2017 18:32
Offline21ReputationRep:TSR Support Team
- TSR Support Team
- 24-01-2017 19:30
Three marks for a definition? That seems a little...high?
Measures to rebalance the national economy are policies that aim to reduce the concentration of economic activity, and consequently reduce the reliance on a small group of industries for economic growth. In the UK, the service sector represents the vast majority of UK GDP, with key industries such as financial services, professional services and tourism-related services forming a significant part of the economy. Rebalancing the national economy involves increasing the share of other industries as a proportion of economic activity.
- 28-02-2017 00:32
Re balancing the north/south divide with respect to unemployment (and employment figures), economic growth and reducing the disparity of wages. Rebalancing the economy with respect to increased manufacturing jobs and GVA (rising at a faster rate than services) till ~30% of output is from manufacturing. Re balancing the trade deficit (it is self defeating as a trade deficit is a capital surplus) and the budget deficit through fiscal con solidarity measures (thus redirecting resources away from debt servicing) and reducing the reliance of the treasury away from the rich, towards the middle class as it leads to more stable finances as there is a wider tax base. Reducing the economies dependency of the state towards a more private sector orientated economy as the private sector creates wealth more efficiently.