economy · European economy · Global trends

Top 5 global economies may not include UK

The U.K.’s global economic power is waning

Britain is set to drop out of the world’s five largest economies based on gross domestic product in nominal terms, according to International Monetary Fund estimates published this week.

#India is set to leapfrog #Germany to rank fourth globally by 2022, pushing the U.K. down to sixth place behind its European peer. The slide in Britain’s relative size comes as the nation sets out to redefine its trading relationship with the rest of the world after Brexit.

The rankings also highlight India’s rapid rise, with the economy expanding 9.9 percent per year. By contrast, the IMF projects the U.K. will grow just 2 percent this year and 1.8 percent in 2018, impeded in part by “the negative effects of the United Kingdom’s decision to leave the European Union.”

 

The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.

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Post by Ketan Deshpande, Minnesota, MN

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