Economy The UK economy is made up(in descending order of size)of the economies of England,Scotland,Wales and Northern Ireland.Based on market exchange rates, the United Kingdom is today the fifth largest economy in the world and the second largest in Europe after Germany(2019). The UK is a developed country.It was the world's first industrialized country and the world's foremost power during the 19th and early 20th centuries,but the economic cost of two world wars and the decline of its empire in the latter half of the 20th century diminished its leading role in global affairs.The UK nevertheless remains a major power with strong economic,cultural,military and political influence. It is a nuclear power and the defence spending is high.It holds a permanent seat on the United Nations Security Council,and is a member of the G8161.NATOI7,OECD[8] World Trade Organization and the Commonwealth of Nations.Economy The UK economy is made up (in descending order of size) of the economies of England, Scotland, Wales and Northern Ireland. Based on market exchange rates, the United Kingdom is today the fifth largest economy in the world and the second largest in Europe after Germany (2019). The UK is a developed country. It was the world’s first industrialized country and the world’s foremost power during the 19th and early 20th centuries, but the economic cost of two world wars and the decline of its empire in the latter half of the 20th century diminished its leading role in global affairs. The UK nevertheless remains a major power with strong economic, cultural, military and political influence. It is a nuclear power and the defence spending is high. It holds a permanent seat on the United Nations Security Council, and is a member of the G8 [6]，NATO[7] , OECD[8], World Trade Organization and the Commonwealth of Nations