According to a recent report, the United Kingdom is set to become the biggest economic powerhouse in Western Europe, overtaking the likes of Germany and France. The report also predicts Britain’s growth to overtake global economic giants like Japan by the 2030s. The report was published by the Centre of Economic and Business Research (Cebr), London, which supplies independent economic analysis and forecasting to government and independent public institutions, banks, international firms and multi national corporations.
The report elucidated that Britain will grow quite quickly based on growth numbers from its IT and software industries. The report called the World Economic League Table 2016 also says hat due to its population growth and economic culture, the country will experience rapid growth. The UK as of 2015 is the world’s fifth largest economy with a Gross Domestic Product (GDP) of US$ 3 trillion, just shy of Germany’s GDP of US$ 3.3 trillion and a trillion short of Japan which stands at US$ 4.1 trillion.
However, the report doesn’t support UK’s growth in case of exit from the European Union; going on to mention that an exit before the end of 2017 can put UK’s bright future as a global economic leader in doubt. Contrastingly, the report also opined that staying in the EU for a long time will make Britain an ‘insular culture’ which can make its economy more secluded and slow its growth rate to less than that of its European economic competitors like Germany and France. The confusion of the decision of UK’s stay or exit out of the EU is increasing international investor investment, as they prefer to sit out the uncertainty. It also mentioned that any dissection of the Kingdom, by either Northern Ireland or Scotland, or even Wales can hurt its economy severely stated the British think-tank.
For more news updates from the UK and member states of the European Union, subscribe to our newsletter at y-axis.com