According to the latest annual report of Centre for Economic and Business Research (CEBR), the UK will stay as one of the top six economies for the next fifteen years.
In the world economic forecast, Centre for Economic and Business Research (CEBR) predicted that the UK will achieve a growth trend rate of 2.4 per cent annually between the annual year of 2022-2026. In the subsequent year, between 2027-2036, the annual trend in the growth rate will decline to 1.8 per cent. The UK-based think-tank's latest annual report highlights that the UK economy will also remain in the top six global economies for the next fifteen years.
Most importantly, in the annual report of CEBR, the Asian countries are reported to perform much better, as India is anticipated to be the third-largest economy by 2031 and overtake the UK economy by 2023. The country is expected to significantly improve its ranking in the World Economic League Table (WELT). In the next two decades, the UK will fall to the sixth position but remain ahead of France, which will drop to the seventh position.
The size of the UK’s economy is £2.1 trillion, only 3 per cent larger than France, its European rival. The CEBR report also forecasted that the global Gross Domestic Product (GDP) measured in current prices and dollars would surpass $100 trillion in 2022. The prediction of the global GDP is in line with the estimates of the International Monetary Fund.
For the UK economy, there are reportedly some challenges that need to be looked into:
The Centre for Economic and Business Research in its World Economic League Table predicted: