FCDO Next Generation Economics 2023 competition

Write about the biggest economic challenges facing your generation betweenby 2225 FebruaryJune and 8 May 2023 to enter our Next Generation Economics Competition. You could win £500.

Welcome to Next Generation Economics, competition run by the Foreign, Commonwealth & Development Office (FCDO) in collaboration with the Hub for Equal Representation (H.E.R) at the London School of Economics and Political Science (LSE).

The competition is open to students who are interested in economics. You must be at least 14 years old and studying at the secondary school level in the UK, or in a British international school. You do not need to have studied economics to take part.

Next Generation Economics is your chance to write about the biggest economic challenges facing your generation.

How the competition works

To enter, submit your response to 1 of these 4 questions:

1. The COVID-19 pandemic and Russia’s invasion of Ukraine have put pressure on global supply chains. What economic policies could the UK government and international partners introduce to boost their supply chain resilience?

2. The Dasgupta Review of the Economics of Biodiversity states that “Our unsustainable engagement with nature is endangering the prosperity of current and future generations”. What economic policies could governments around the world introduce to protect and restore natural environments?

3. The International Monetary Fund (IMF) estimated that global inflation increased to 8.8% in 2022, driven by rising food and energy prices. What economic policies could governments around the world introduce to deal with the consequences of high inflation on living standards?

4. The COVID-19 pandemic and rising food and energy prices have halted progress against global extreme poverty. In the face of these challenges, what economic policies could the UK government and international partners introduce to reduce global extreme poverty?

Your entry should take the form of a letter to the FCDO Chief Economist and should be no longer than 1,000 words.

We will announce the competition results in Junethe summer of 2023. There are several prizes:

• the winner will receive a cash prize of £500
• two2 runners up will each receive £250
• five5 other shortlisted entries will each receive £100

These top 8 entrants will be offered a fully-funded visit to the FCDO and the London School of Economics in London. The winner will present their essay to Adnan Khan, FCDO Chief Economist. They will also meet with one of the co-directors of the Hub for Equal Representation at the LSE. Fully-funded visits are only available to UK-based entrants.

The top 25 entrants will each receive an economics book, which they can choose from a shortlist selected by the FCDO Chief Economist.

We will publish the letters of the winner and runners up on the GOV.UK website and share them across the Government Economic Service.

Your answer should make use of economic concepts. View guidance on writing like an economist for ideas on relevant economic concepts and tips on how to write effectively.

Aims of the competition

This competition has 3 aims. We want:

• to hear your ideas on one of the biggest economic challenges facing your generation. The FCDO represents UK interests across the world, and our economists work on finding and analysing solutions to global challenges

• to inspire the next generation of economists. Our competition aims to demonstrate how economics is a vital tool for answering important, urgent policy questions

• the next generation of economists to be even more diverse and open-minded than the current generation. We encourage you to enter the competition, whatever your background, and however much you know about economics. Find out more about diversity in the economics profession

Top tips from last year’s competition

To get inspiration, you can read the winning letters from last year’s competition. These are our top tips to make your letter to the FCDO Chief Economist stand out:

• tell a story: create an engaging and convincing narrative to engage the audience in the economic arguments
• focus on policy solutions: provide answers and solutions to the economic challenges of the question
• use evidence: use real world evidence to support your arguments and claims, to give your writing authority
• use visuals: use visuals, for example graphs, to help demonstrate your argument
• evaluate: analyse why your proposed policies are the most effective solutions

The Foreign, Commonwealth & Development Office (FCDO)

The FCDO, the government department responsible for the UK’s relationship with the rest of the world, is running this competition. The FCDO manages the UK’s diplomatic relationships, promotes UK interests overseas, and oversees the UK’s overseas development budget.

Economics is important to our work, whether it is evaluating the sustainability of the UK’s international climate change commitments, analysing the contribution of the UK in tackling global poverty through various aid programmes, or managing the UK’s participation in global COVID-19 vaccine distribution. Economics helps the FCDO make the most of each pound of taxpayer money.

Good luck! We look forward to reading your entries.