While the UK officially enters recession, the GDP of its global counterparts, such as India and the UAE, continues to rise, raising questions over how Britain should invest in its future growth. learndirect has an answer…
The UK entered an economic downturn towards the end of last year, recording a GDP drop of 0.3% between October and December 2023, as stated by the Office for National Statistics (ONS).
Despite Bank of England governor Andrew Bailey telling MPs that the recession is ‘weak’ by historical standards, the UK’s dip in GDP highlights the potential gaps in the nation’s infrastructure.
Income tax is one of the largest sources of revenue for the UK, while the main revenue streams for the likes of India and the United Arab Emirates (UAE) are the service sector and production of goods.
The UAE’s GDP growth is expected to surpass 5% in 2024, while India is on course to move up the rankings over the next decade, with an annual GDP growth rate of 6.3% - the biggest increase out of the top 6 nations.
How Can We Stop the UK From Falling Behind?
The economic crisis in the UK raises questions over its global status compared to other nations around the world, so how can the UK regain its standing and challenge the world’s powerhouses in the future?
The technology and financial sectors are key, with the former only expected to grow as we evolve further into a digital-first society. For the UK to experience its own significant GDP surge, we need to create and grow companies for the future.
That starts with people. People who can learn and develop knowledge and skills, becoming experts and eventual tech leaders.
To help develop the nation’s next wave of IT professionals, online education provider learndirect has the solution.
The UK-based business specialises in delivering a range of online qualifications across various sectors, including IT, offering an intensive cyber security programme, an Access to Higher Education Diploma in computer science, as well as a portfolio of online degree pathways designed to fast-track learners to degrees in computing and cyber security.
These qualifications are designed to not only meet market demand but grow it, with two-thirds of UK businesses experiencing digital skills gaps, while 50% of all UK businesses are crying out for cyber security experts.
While building basic digital skills knowledge is a necessity, research data suggests that more focus needs to be on developing the tech professionals of the future, with Userlane’s 2023 State of Digital Adoption report claiming that businesses are seeking IT professionals with knowledge of data analysis, AI, and adaptability to tech advancements.
Wayne Janse van Rensburg, Chief Executive Officer (CEO) at learndirect, said: “Tech is one of the biggest facilitators and driving forces behind the development of our global economies, and the UK has an opportunity to become a player in this space, but it all starts with building knowledge. Our online course programmes provide adults of all ages the opportunity to get skilled up from the comfort of their own homes without stepping foot inside a classroom.
“The world’s top 10 biggest tech companies are all overseas, dominated by US-based corporations. By offering tech education that is accessible to homes up and down the UK, we can help the nation develop a future workforce that meets industry demand and boosts the UK’s global standing.”
Sources:
https://economymiddleeast.com/news/uaes-gdp-growth-to-surpass-5-percent-in-2024-sp-global/
https://www.hrgrapevine.com/content/article/2023-09-26-two-thirds-of-uk-businesses-battling-digital-skills-gap
https://www.gov.uk/government/publications/cyber-security-skills-in-the-uk-labour-market-2023
https://www.userlane.com/report/the-state-of-digital-adoption-report-2023/
