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New report reveals exports strategy to boost UK economy by £20bn by 2020
Our joint report with the CBI Winning overseas: Boosting business export performance reveals a new exports strategy which could give the UK economy a £20 billion lift by 2020.
Our motivation for undertaking this report is simple. Business investment and exports will be the dual drivers of future growth – necessary to lift the UK from the worst economic crisis in living memory.
Why the UK must act
From 2000 to 2010, the UK’s share of global exports fell from 5.3% to 4.1% while Germany’s share increased from 8.9% to 9.3%
Just 4% of the UK’s exports go to the high-growth BRIC economies, compared with 11% of German and US exports
The IMF predicts GDP growth to 2016 to average just 2.8% and 1.4% in the US and Germany respectively – two of our biggest export markets
Only 1 in 5 SMEs in the UK currently exports compared to an average of 1 in 4 across the EU
Had the UK managed to target its exports towards high-growth markets over the last decade, it could have boosted GDP by 1% or £15bn by 2010.
The potential opportunities
Consumer spending growth in the BRIC economies is expected to average 13.5% per year in value terms in the coming decade
The IMF predicts annual GDP growth to 2016 to average 9.4% and 8.0% in China and India respectively
The UK is ranked 10th in the World Economic Forum’s Global Competitiveness Report
Over the next decade, both UK exports of construction services and electronic goods could achieve over 10% average annual growth
Re-orientating the UK’s exports towards higher growth markets could be worth a boost of 1.5% or £20bn to GDP by 2020.
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