Britain risks slipping from being the world’s fifth-biggest economy, when it is due to leave the European Union, with France and Indian on course to overtake it, accountancy firm PwC said. It is thought that France and India will overtake the UK economy.
The accountancy firm projected economic growth in 2019 of 1.6 per cent for Britain — assuming the country manages to avoid the shock of a no-deal Brexit in March against 7.6 per cent of India and 1.7 % for France.
“The UK and France have regularly alternated in having the larger economy, but subdued growth in the UK in 2018 and again in 2019 is likely to tip the balance in France’s favour,” PwC economist Mike Jakeman said.
The UK economy has seen a worrying fall in the value of Sterling and a general slowdown since the decision to leave the EU in 2016. The uncertain political and economic climate is hampering business confidence and investment across the British isles.
Jakeman continued: “India is the fastest-growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP (gross domestic product) per head.
“It is all but certain to continue to rise in the global GDP league table in the coming decades.”
PwC predicts India to rise to fifth place next year from seventh, and France to remain at sixth.