UKs GNI AND ITS LEVEL OF PARTICIPATION IN GLOBALIZATION

Published: 2019-05-31 08:51:48
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The United Kingdom is one of the most respected countries in the world. When it comes to bettering its economy, the United Kingdom Gross National Income continues to rise every year due to its better and sophisticated technology. The Gross National Product has been seen to increase with an expectation of reaching 500000 GBP million towards the end of 2015.this has been achieved through the help of good transportation and improved technology. The level of participation in globalization by the United Kingdom has enabled it to attain one of the best economy statuses in the world. Globalization is the expansion of the economic assimilation and the interdependence of the government and the local economy covering the entire universe through the circulation of goods, services and the advancement of technological know-how.

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The United Kingdom has taken the globalization as the main set of channels concerning the multiple links of a level of investment in globalization. With the promising United Kingdoms Gross National Income, the economic globalization mainly includes the globalization of production and finance, markets and technology, organizational administrations and firms, groups and workforce.

Whereas the level of participation in globalization has been seen to be given priority in the United Kingdom, the level of economic globalization has received a positive growth particular with the involvement of the trans-national trade. The participation in globalization has given rise to increased income and economic development boosting the Gross National Income. The association has also made some of the United Kingdoms businesspeople to reduce the prices in their business premises allowing the products and services readily affordable.

Earlier on before deciding to involve itself to the globalization, poverty, poor transportation and joblessness was seen as the primary threat to the United Kingdom. On joining the globalization, economic expansion rose while poverty and unemployment became history in the country. Since then, the per capita has received a boost following the level of globalization. The United Kingdom believes that through participation in globalization, many people from different countries around the world have encountered a change as far as the economy is a concern.

With the United Kingdoms economy being ranked as the tenth biggest in the world, it shows that the purchasing power parity (PPP) is still small. Hence giving them a challenge for them to work extra hard to appear among the top five in the world. The level of participation in globalization depends on the capacity of imports and exports being exercised by the country. In this case, the United Kingdom in the past months has been ranked as being the ninth in export business and fifth in the import business. When the UK is subdivided into its countries, England leads in the participation of globalization giving the United Kingdom a total of 52%. The other percentages are shared among Wales, Scotland, and North Ireland (Smith & Hay, 2008).

In short, every country plays a key role in raising its Gross National Income. The best way to meet the required standard of GNI is taking part in globalization. As stated by experts, globalization is the art of global awareness originating from the advancement of the world views, products and several features of culture. With the involvement of such technology, a country is set to improve its economy hence raising its Gross National income. Once a stable GNI has been attained, it gives the country good reputation hence being respected outside and all over the world.

Reference

Smith, N., & Hay, C. (2008). Mapping the political discourse of globalisation and European integration in the United Kingdom and Ireland empirically. European Journal Of Political Research, 47(3), 359-382.

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UKs GNI AND ITS LEVEL OF PARTICIPATION IN GLOBALIZATION. (2019, May 31). Retrieved from https://speedypaper.com/essays/uks-gni-and-its-level-of-participation-in-globalization

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