With the vaccine programme successfully rolling out and restrictions lifting across the UK, many businesses are looking to what the future might hold. Many have been hit hard by the pandemic, with low footfall and decreases in demand leading to a prolonged struggle. In fact, the Organisation for Economic Co-operation and Development (OECD) reported that the UK economy was among the hardest hit by the pandemic.
Why then does the future look bright for the UK? The OECD recently reported that the UK economy is likely to grow 7.2% in 2021, 1.3% higher than the global average. This article will look at the factors why and how the UK in particular is set to have a relatively rapid recovery from this global crisis.
Customers flock back to restaurants as the hospitality restrictions lift.
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A service economy
The UK economy is a service economy, with 71.26% of its GDP from the service…