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France Overtakes Britain As The Fifth Largest Economy

According to the latest report from the International Monetary Fund, France has moved ahead of Britain in this year’s ranking for the world’s top economies. The gap between the two countries is projected to grow even higher in 2018.
The IMF has said that France had outpaced Britain for the first time since 2013.
America, China and Japan were ranked as the top three largest economies, with Germany and France taking 4th and 5th place respectively. Britain was ranked as sixth, ahead of India, though the UK may drop further behind India, whose economy is projected to grow over the coming two years, likely overtaking both the UK and France.
Philip Hammond, the UK’s Finance Minister, admitted that Britain was no longer one of the top five economies in the world during his budget statement in the House of Commons on Wednesday.

“Britain is the world’s sixth largest economy,” Hammond said in his budget speech to parliament.

The drop in Britain’s ranking is reportedly due to a fall in consumer spending and a rise in prices led by a weakening of the pound’s value following Britain’s announcement that it will be leaving the European Union.

Featured Image Credit: Reuters

 

2 comments on “France Overtakes Britain As The Fifth Largest Economy

  1. Pingback: France Overtakes Britain As The Fifth Largest Economy – World is Crazy

  2. Pingback: France Overtakes Britain As The World’s Fifth Largest Economy – World is Crazy

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