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UK economy to overtake France by 2020

Article By: ,  Financial Analyst
July 7, 2014 10:15 AM

The UK economy is set to become the second largest in Europe by 2020, according to figures from PwC.

Forecasts from the consultancy firm notes that over the next six years the UK is set to overtake France with the GDP at market exchange rates (MER) expected to grow to over $3.2 billion (£1.86 billion). This rate of growth would put the UK in the top economies across the world behind the likes of the US, China, Japan and Germany.

Over the next ten years following this to 2030, the country is expected to gained ground on Germany but fallen out of the world's top five. PwC forecasts the UK to reach $4.02 billion by 2030, slightly behind Germany's $4.61 billion, but will have been overtaken by India which is set to jump from seventh spot in 2020 to third ten years later.

PwC explained that the UK is set to be boosted thanks to the strength of the pound against the dollar and euro. It has also been aided by a drop in unemployment and more positive growth figures from across the country. However, it has been hampered by trade deficits, income inequality as well as issues in areas such as education and investment.

John Hawksworth, chief economist at PwC, said: "The UK has noted strengths in areas such as political, legal and regulatory institutions, including ease of doing business, and communications technology.

"The UK also scores relatively well on some economic variables such as unemployment and its relative growth and inflation performance also improved in 2013, which looks set to continue in 2014."

PwC noted that these issues the UK has experiencing are key areas for it to be build and therefore become a focal point of any government campaign in the future. With a growing economy the country can become one of the largest economies in Europe.

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