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Wednesday, 19 December 2018 15:00

British economy forecast to fall in GDP rankings

British economy forecast to fall in GDP rankings

Britain’s stalled economy will fall back in the international rankings next year to sit in seventh place behind India and France, according to a report by consultants at PwC, Caspian Energy News (www.caspianenergy.net) reports with reference to The Guardian.

A fall in the value of the pound, combined with slower growth this year and next as Brexit takes its toll, will mean the UK drops from fifth in the GDP rankings to sit just above Italy in eighth place and Brazil in ninth.

The firm said its annual analysis of global trends showed that India’s elevation to fifth place was likely to be permanent as the country of 1.3 billion people maintains a growth rate of 7.6% over the next five to six years.

France will benefit in the short term from the rising value of the euro against the pound. However, it is expected to fall behind the UK again in subsequent years as its GDP growth begins to wane.

PwC has forecast Britain’s economy to grow by 1.6% next year and 1.7% in 2020 before rising to 1.8% in the five years to 2025 as the uncertainty surrounding Brexit recedes.

China, which has struggled to control spiralling corporate and consumer borrowing, is likely to experience “a modest deceleration in growth” during 2019 to 6.3%, and 6.2% in 2020, before a further fall to an average 5.9% in subsequent years to 2025.

More details: https://www.theguardian.com/business/2018/dec/19/british-economy-forecast-to-fall-in-gdp-rankings

Person in charge of the newsline: Olga Nagiyeva 

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