A leading academic and economist has said that Liverpool’s economy will thrive in the future, despite the financial challenges facing the UK at the moment. Professor Michael Parkinson recently discussed the outlook for the city on the Baltic Triangle Podcast.
Professor Parkinson is a distinguished academic, who has published research and analysis of the Liverpool city region for over 40 years. Liverpool Business News reports that although the area faces some current challenges, it also has strengths that will help to bring it through successfully.
Prof Parkinson pointed out that Liverpool has a strong maritime sector which will be boosted by the new Freeport status, and it also has a growing knowledge, creative, and digital economy.
The Honorary Professor for the University of Liverpool said: “I am not too depressed about Liverpool’s economy. Frankly, I am fairly optimistic. I talk to people in the economic development sector and they say the five to 10-year outlook is pretty decent.”
He added: “What you have to do is balance up all the short-term difficulties with the long-term opportunities. There is no reason to be too depressed but you have to be realistic.”
“We have strength and great potential in a whole set of areas. I think the knowledge economy is now very important – biotech, medical. The port which made Liverpool great, and then collapsed, has obviously had a renaissance. It has 45% of all UK trade with the US. That will be a big winner.”
The new Everton stadium which is currently under construction at Bramley Moore Dock is expected to provide a significant boost to the Northern Docks area of the city, which has experienced a long period of economic decline. The £5bn regeneration scheme is predicted to draw an extra 1.4m visitors every year, and provide 15,000 new jobs.
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