Economist warns of UK post-Brexit slump
A LEADING economist has warned the pound will diminish the UK’s economic power as Britain crashes down the league table of the world economies in the next four years.
The pound, which has fallen against other major currencies, will help send the country’s economy to eighth when measured against other large financial power house nations by 2030, according to Centre for Economics and Business Research (Cebr).
Cebr president Douglas McWilliams said sterling’s post-Brexit vote slump takes its toll on UK economic growth.
However, Britain is expected to catch up with France in 2021 and overtake the European nation in 2026, but is not forecast to reclaim the heady heights of 2015.
Mr McWilliams said: “Korea overtakes both the UK and France before 2030, as will Brazil. Indonesia reaches the top 10 and the Philippines the top 20 by then also.”
The Cebr’s World League Table, which covers 188 countries, places the UK as the seventh largest economy between 2017 and 2025.
But it predicts it will then slip back in 2030.
The United States is expected to hold on to its place as the world’s largest economy until China sweeps into the top spot in 2030.
World trade is expected to expand at a slower pace in the coming years as protectionist policies,drivenbyUSPresidentelect Donald Trump, hold back growth, Cebr said. to eighth place IT is The Herald’s policy to correct errors as soon as we can and all corrections and clarifications will usually appear on this page.
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