The United Kingdom has been gradually sliding down the scale for economic and social development.
Outpacing the UK are not only many of its advanced European neighbours, but also a number of emerging market economies.
The problems, identified in a study by accountancy giant PwC, are Britain’s large trade deficit and uninspiring levels of business investment.
The firm noted that the damage went beyond the repercussions of the financial crisis and resulted more from “persistent structural weaknesses” which have dented the UK’s prospects
The data showed Britain slipped to 19th place in 2012, down from 12th in 2000.
Sweden was in top position while the UK was behind much of northern Europe as well as China, Saudi Arabia, Chile and Malaysia. The US has also slipped down in the last decade, landing just ahead of the UK in 18th place.
The gap between north and south Europe were clear. Portugal, Spain and Italy did not reach the top 20 while Germany, the Netherlands and Finland were in the top 10.
The index considered a broad range of growth indicators such as growth, stability and technological advances.
“We’ve had relatively high inflation and low GDP growth since 2007 relative to other economies, our trade deficit has moved negatively, while debt levels have gone up,” said John Hawksworth, chief economist at PwC and co-author of the report.
He highlighted that “there is a lot of work to be done, particularly around education and trade” which had been “poor for quite a while”.
