UK is one of the renowned trading power and financial hub of the world, stands at third position in European Union following Germany and France. The agriculture sector of the region is particularly strong and mechanized. Its efficiency can be ensured through the production of 60 percent food needs with only 2 percent of workforce. The region has significant energy resource but due to increasing demands it is importing energy from 2005. The insurance and financial institutes in addition to bank are generating the largest portion of GDP of the region. The recent financial crises particularly influenced the economy of the region during 2008 because of the financial sector of the region (www.cia.gov).
Literacy rate of the region is 99 percent while 5.5 percent of GDP is fixed for the development of education sector. According to such percentage of GDP it stands at 44th position as compare to other countries (www.cia.gov). There were 89 universities and 131 higher education institutes operating till August 2011 (www.universitiesuk.ac.uk).
The expansion in higher education system of the region is relatively slow as compared to the other countries competing with the region according to the report of Organisation for Economic Cooperation and Development (OECD, 2007). There are several countries coming up with significantly higher number of college and universities although the growth of education sector in recent years in UK is also remarkable. The increase in the educational institutes positively influence the graduation rate in UK as it was 37 percent during the year 2000 and reached upto 39 percent in 2005. On the other hand the position of the region was dropped from 3rd to 10th position as compare to around 20 countries while considering the educational performance (www.guardian.co.uk).
The recent financial crises negatively influenced all the sectors therefore the government was planning to reduce the educational expenses by 25
References: * “An overview of the higher education sector”, Available at: http://www.universitiesuk.ac.uk/UKHESector/Pages/OverviewSector.aspx. Accessed on 29 Apr 2012 * “Britain lagging in education sector growth”, Available at: http://www.guardian.co.uk/education/2007/sep/18/highereducation.uk1. Accessed on 29 Apr 2012 * “Education sector in England braced for 25% cuts”, Available at: http://www.bbc.co.uk/news/10389988. Accessed on 29 Apr 2012 * “UK Education sector worried; Possible student immigration decline”, Available at: http://www.workpermit.com/news/2010-12-06/uk/education-sector-worried-possible-student-immigration-decline.htm. Accessed on 29 Apr 2012 Websites * https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html * https://www.cia.gov/library/publications/the-world-factbook/geos/pk.html * http://beta.hec.gov.pk/Pages/HECMain.aspx * http://newsweekpakistan.com/the-take/803