Glasgow was hit hard by the Great Depression, and was tested again when in World War II the city suffered from intensive bombing and tens of thousands of its inhabitants were left homeless. After the war, the competitiveness of the city’s industries was reduced by the availability of cheap labor abroad. In the 1960s, the city’s economy began to decline. The shipbuilding facility in the town of Clydebank constructed Queen Elizabeth II, which was among its last great ships before the major shipbuilders started to close down. There are three major shipyards on the Clyde today, two of which focus on construction of military seacraft for the British and other navies.

The city’s functions as a port diminished as well. Steelworks, engine factories, coal mines and other heavy industry companies went out of business during the 1970s and early 80s. This resulted in skyrocketing unemployment and disconcerting levels of urban decay. However, the city underwent an economic renaissance in the mid-1980s. A modern financial district developed in the city centre, which became home to many renowned financial institutions, IT firms, legal offices and insurance companies. The city’s financial district revolved around the stock exchange. Retail and leisure developments replaced factories, as well as the defunct heavy industries. Presently, Glasgow is the main site for call centres in the UK.

Glasgow is the fourth largest manufacturing centre in the UK, with its manufactured exports comprising over 60 percent of the total in Scotland, most notably in the fields of shipbuilding, engineering, printing and textile. Glasgow is also part of Silicon Glen, the Scottish high-tech centre that produces over 30 percent of the personal computers and 65 percent of the ATMs in Europe. Institutions, such as the Royal Bank of Scotland, JP Morgan and Barclays Bank, have based their headquarters or key operations in Glasgow as well.