According to the Centre of Economic and Business Research, France is estimated to become the sixth largest economy, replacing Britain from the rank post Brexit
According to a recent report by the Centre of Economic and Business Research (CEBR), the Brexit deal would lower Britain’s economic rank. The report suggests that France will become world’s sixth biggest economy with the fall in inwards and business investment for Britain post Brexit.
The CEBR forecast, however, suggests that Britain is likely to regain the 6th rank by 2020, retaining the position for another 13 years. Taking over France as the 6th largest economy after Brexit may further get delayed till 2026 with the secession of Scotland and Northern Ireland. The report suggests that France is likely to grow a lot slower than post-Brexit Britain as a result of its bloated public sector and high taxes.
The report further predicted the possibility of China taking over the United States as world’s largest economy by 2032.
Referring to the fall in ranking due to currency collapses for many Asian nations this year, CEBR’s Deputy Chairman, Douglas McWilliams affirmed, “The World Economic League Table shows that despite global uncertainty and the tightening in US monetary policy which has pushed down some of the emerging market currencies, the 21st century is still likely to be the Asian century.”
The Deputy Chairman highlighted that in 2003, “the world’s five largest economies were the US, Japan and three European countries” further adding that thirty years down the line “three out of the top five economies will be Asian and only one will be European.”
