Britain to drop out of top 10 economies

Britain is expected to lose its prestigious status to be among the world’s top ten economies by the next four decades, a report has warned.

According to the report by accountancy giant PricewaterhouseCoopers (PwC), Britain will be overtaken by Mexico and Indonesia in 2050 in terms of economy, slipping from its current 9th place to 11th.

PwC estimated a rapid rise of the E7 emerging economies, saying their economies will grow “much faster” than the G7, with average growth in terms of purchasing power parity showing Nigeria ahead, followed by Vietnam, India, Indonesia, Malaysia and China.

The report also pushed the US, Japan, Germany, France and Italy down the league table, although it revealed only Britain and Italy will fall out of their top ten status.

PwC economists predicted that China could overtake the US as the world’s largest economy by 2017.

MOS/MOL/HE