Assignment - MD4099 ASSESSMENT 1 (2100 words) Impact of the Cost of Living Crisis for the UK
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Course
Psychology (PSYC304)
Institution
University Of California - Los Angeles
MD4099 Assessment 1 – Individual Essay
Details of assessment:
Assessment type
Individual academic essay
Word count:
2,000 words
Weighting of assessment 2
60% of the module
Learning Outcomes Assessed
1. Identify and critically assess the major features ...
Events from the past two years have left the global economy in a fragile state. Already
reeling from the economic impacts of climate change and the pandemic, Russia’s invasion of
Ukraine has pushed the majority of countries beyond their ability to cope. According to the
, MD4099 Assessment 1 3
United Nations (2022), tightening financial situations, debt stress and rising fuel and food prices
are now combining to create what the United Nations is referring to as the 21st century's largest
cost of living crisis. Notably, although the crisis is global, lower-income nations are often the
most impacted by rising costs (Khan, 2022). Wang et al. (2019) also state that fuel and food
prices make up a significant share of the budgets for people in developing countries and this,
therefore, magnifies the effects of price increases. Additionally, mismanagement and chronic
debts in many low-income countries leave their governments with limited means to support their
populations which perpetuates a cycle of civil unrest, hunger, and poverty. This paper discusses
the impact of the cost of the living crisis on international trade for the United Kingdom. It also
discusses the economic implications of the cost of living crisis for the country, focusing on trade
relations with its main trading partners, FDI outflows and inflows as well as the country's
economic growth forecast. Included in the paper is also an assessment of how the UK has
responded to the cost of living crisis with economic policies.
Background
With a population of approximately 67 million people and a GDP of 3.2 trillion dollars,
the UK is a major international trading power with the fifth largest economy globally
(International Trade Administration, 2020). Although geographically small, the country has the
second-largest economy in Europe. Despite the uncertainty and challenges posed by the
country’s exit from the European Union, the COVID-19 pandemic and elevated levels of energy
prices, the UK remains a critical market for the export of services and goods (Brown et al.,
2020). According to the International Trade Administration (2020), United States exports of
goods and services to the UK in 2021 reached 129.3 billion, up 7.6% from 2020, ranking the
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