"Britain will surpass Europe in 15 years" - According to forecasts, London will benefit from the economic decline of the eurozone
The UK will outperform its European peers in the next 15 years, helping it to remain among the world's largest economies, according to long-term forecasts.
Britain and France will remain in sixth and seventh place respectively until 2039, while Germany, Italy and Spain will drop down the leaderboard, the Center for Economic and Business Research predicted.
The upbeat assessment will be welcomed by British Prime Minister Keir Starmer after official figures this week showed the economy has failed to grow since his Labor government took power in July.
Starmer hopes his plans to deliver the fastest sustainable growth in the G7 countries, through a wave of reforms to planning, housebuilding and public investment, will eventually succeed after a rocky start for Labour. However, the Research Center suggested that the problems will continue to hamper the British economy.
"While this outlook is significantly better than key European peers such as France and Germany, it reflects more of a downturn for eurozone economies than strong UK growth," the analysts explained.
The German economy is expected to be 20 percent larger than Britain's in 2039, compared with 31 percent now. Also, Britain will overtake France and expand 25 percent more than Paris in terms of production by 2039.
Although Labour's higher taxes will mean weaker activity growth in the short term, growth is expected to reach 1.8 per cent in the longer term.
According to experts, the US will retain its crown as the world's largest economy, fending off competition from China. In terms of per capita income, Britain is forecast to rise to 21st place, just behind Malta, Germany and Sweden. Luxembourg is predicted to remain the richest country in the world in this respect, followed by Ireland and Switzerland.
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