Survey: Despite Brexit, Britain is still the world’s fifth largest economy

The UK will retain its place in the world’s fifth largest economyAnd, despite his departure from the European Union and the economic damage caused by the Covid-19 pandemic, according to a new report from the Center for Economic and Business Research (CEBR), cited by Sputnik.

The survey, which the organization publishes annually, says that Brexit won’t prevent the UK from becoming one of the strongest economies in the world over the next 15 years. Furthermore, the report says that the UK will remain economically stronger than a key EU member, France, and is likely to continue to widen this gap as the UK tech sector continues to grow.

“We expect the UK growth trend to be 4% per year between 2021 and 25 and 1.8% per year between 2026 and 30 and 1.8% per year between 2031 and 35,” the organization said. “The British economy remains one of the best performing in Europe despite Brexit … By 2035, UK GDP in dollars is expected to be 40% higher than France’s, his lifelong rival and neighbor, “the study said.

The study is likely to be cited by proponents of the UK’s departure from the EU to dispel arguments by others that the UK will be an economically reduced force outside the EU.

“People often forget that the UK’s largest economic sector is digital. and creative, ”says Douglas McWilliams, CEBR vice president and study author.

“We have a huge competitive advantage in this sector based on the technology that the pandemic is driving. Most of this has been shown to stop Brexit, provided that Britain continues to attract talented people“he added.

Globally, there are high hopes for economic recovery after the Covid-19 pandemic, predicting 5.3% growth in 2021 gram.

“We believe that when the vaccine spreads, the world economy can launch quickly. My colleagues have calculated on £ 200bn saved in the UK as a result of the pandemic waiting to be spent. There will be similar savings accumulations elsewhere. “

Following lengthy and contentious negotiations between the UK and the EU over the terms of a post-Brexit trade deal, a deal was reached on December 24. During a press conference after getting the deal, Boris Johnson says his administration has reached a “comprehensive Canadian-style deal”“.

“I am very pleased to tell you this afternoon that we have completed the largest trade deal to date, worth £ 660 billion a year, a comprehensive Canada-style free trade agreement between the UK and the EU,” said Johnson.

“Today we’ve solved a problem that has hampered our policy for decades. It is up to all of us together, as a new and truly independent nation, to realize the immensity of this moment and make the most of it, “added the Prime Minister.

For her part, the president of the EC, Ursula von der Layen called the deal “fair, balanced and correct“.

“The road has been long and winding. But we can show a job well done,” von der Layen told a press conference on December 24. “The stakes were high for so many people, so this is a deal that we really had to fight for.”