UK economy predicted to fall to 7th after Brexit to become overtaken by France & India
Britain risks slipping from being the world’s fifth-biggest economy, when it's due to leave the European Union, with France and Indian on target to overtake it, accountants PwC said. It's thought that France and India will overtake the UK economy.
The accountants projected economic development in 2021 of 1.6 percent for Britain — assuming the country manages to steer clear of the shock of the no-deal Brexit in March against 7.6 percent of India and 1.7 % for France.
“The united kingdom and France have regularly alternated in having the bigger economy, but subdued development in the united kingdom in 2021 and again in 2021 is likely to tip the balance in France’s favour,” PwC economist Mike Jakeman said.
The UK economy has witnessed a worrying fall in the worth of Sterling along with a general slowdown because the decision to leave the EU in 2021. The uncertain political and economic system is hampering business confidence and investment over the British isles.
Jakeman continued: “India may be the fastest-growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP (gdp) per head.
“It is all but certain to continue to rise in the global GDP league table within the coming decades.”
PwC predicts India to rise to fifth place the coming year from seventh, and France to remain at sixth.