Centre for Economics and Business Research (CEBR) predicts Britain to remain one of the world's biggest economies. Currently, the country stands at fifth position with a GDP of £2 trillion.
“The United Kingdom is forecast to be the best performing economy in Western Europe and after overtaking France in 2014 is likely to overtake Germany and Japan during the 2030s,” states the report.
“The UK’s strength (though mainly in London) is its cultural diversity and its strong position in software and IT applications,” adds the report, which forecasts the fortunes of the world’s economies over the next 15 years.
CEBR has suggested UK to improve its exports and balance its economy to maintain this position.
The UK “runs the risk of a breakup, with Scotland and possibly Northern Ireland seceding,” and next year’s referendum on staying in the EU could “at worst lead to a more insular and less diverse culture which in turn would generate slower growth.”
France, currently one place behind Britain at sixth in the ranking, is forecast to fall to 9th by 2031, “leading it no longer to qualify on economic grounds for membership of the G-8 largest economies.”
Italy, the eighth biggest economy this year, will fall to 13th place over the next 15 years. Russia, currently at 14th position is expected to retain its position by 2031.
The US, currently the world’s largest economy, will be pushed into second place by China by 2031. And while Britain is expected to remain one of the biggest economies in the world, it will be overtaken by India by 2019, according to the report.
Central Asia will be the fastest-growing region over the next 15 years while Western Europe will be the slowest, it predicts.