30th December 2013
The UK is set to overtake Germany to become Western Europe’s largest economy by 2030 according to new research.
The Centre for Economics and Business Research (Cebr) latest World Economic League Table also shows China overtaking US in 2028 – later than some analysts have suggested – reflecting the continuing performance of the US as the West’s strongest economy and the slowing down of the Chinese GDP.
The think-tank found that the UK is the West’s second best performing economy and the only major Western economy to move up the league table, albeit temporarily to become the world’s fifth largest economy in 2018 by overtaking France.
After that Cebr’s research found that it slips back to seventh place in 2023 and 2028 as India and Brazil overtake. But by 2028 the UK economy is forecast to be only 3% smaller than the German economy and is likely to overtake Germany to become the largest Western European economy around 2030.
The economic consultancy in its forecast assumes that the Euro holds together for these forecasts. If the Euro broke up, the outlook for German GDP would be much better and the outlook for the other European economies correspondingly worse.