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 Brexit Britain's economy soars ahead of France's as world league table announced.

BRITAIN'S economy is set to power way ahead of France within the next 15 years, a report has forecast.

By MACER HALL - DAILY EXPRESS POLITICAL EDITOR

00:00, Mon, Dec 27, 2021  | UPDATED: 08:52, Mon, Dec 27, 2021

The British economy is predicated to be 16 percent bigger than that of France by 2036 (Image: Getty)

Booming investment in high technology industries is expected to help the UK’s business growth outstrip that of its neighbour and historic rival on the other side of the Channel, says the annual survey from the Centre for Economics and Business Research (CEBR). And the UK continues to benefit from the economic reforms carried out under Margaret Thatcher’s government in the 1980s, according to the research.RELATED ARTICLES

The findings come in the independent business forecasting think tank’s annual World Economic League Table, which examines the growth prospect of 193 countries.

In a huge embarrassment to French President Emmanuel Macron, the research predicts that the British economy will be 16 percent bigger than that of France by 2036.

It estimates that the UK economy, worth around £2.1trillion, is already 3.6 percent bigger than France’s.

Douglas McWilliams, deputy chairman of CEBR, said: “Tech is the dynamic factor in economic growth and Britain is investing more in this area than France and Germany put together.

“Between half and three-quarters of UK economic growth has come from the tech sector. By contrast, Germany has a hefty legacy economy, based on car manufacturing and similar.”

He also warned that inflation is likely to become a growing problem for the world economy this year.

“The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8 percent in the US.

“We hope that a relatively modest adjustment to the tiller will bring the non-transitory elements under control.

“If not, then the world will need to brace itself for a recession in 2023 or 2024,” he said.

The UK has the world's fifth-largest economy (Image: Gary Yeowell/Getty)

0 seconds of 51 secondsVolume 0%This year’s World Economic League Table estimates that the UK has the world's fifth-largest economy with a gross domestic product of around £36,357 per head of population.

The report predicts Britain will drop to sixth position in the league table behind India in 2026.

France, currently the globe’s sixth-largest economy, is predicted to fall to seventh position next year and remain in that position for the foreseeable future.

The research is to boost British financial institutions in the competition with France to attract highly-qualified staff.

According to the CEBR research, a strong global recovery from the Covid pandemic and rising inflation will mean that world GDP is set to surpass 100 trillion US dollars for the first time in 2022.

The benchmark is set to be met two years earlier than the think tank predicted a year ago

Slower growth in China following the covid pandemic is also highlighted by the report.

Last year, the CEBR predicted China’s economy would overtake the UK in 2028 but is now revising that expected date to 2030.

India, after overtaking France and the UK in 2019, has fallen back behind the UK in 2020 and further behind France in 2021.

The Asian giant is expected to regain 6th position from France in 2022, before overtaking the UK in 2023, a year earlier than the CEBR predicted 12 months ago.

India is then expected to make good progress towards becoming the world’s third-largest economy in 2031, the think tank says.

Indonesia, the fourth most highly populated country in the world, is set to become the largest economy on the planet in 2036.

Vietnam has the fastest-growing economy (Image: Alex Robinson Photography/Getty)

The fastest-growing economies in this year’s World Economic League Table are those of Vietnam, heading from 41st place in 2021 to 20th place in 2036; Bangladesh heading from 42nd to 24th and the Philippines from 37th to 25th.

This year’s CEBR report also warns that climate change is starting to have a significant impact on the world economy.

Storms, floods, forest fires and other climate-related events are increasingly imposing costs on insurers.

Spending to decarbonise the world economy is also expected to have an impact on the cost of living.

The CEBR estimates additional costs to consumers globally of around two trillion US dollars a year on average over the forecast period to pay a share of the net additional investment in low and zero emission production methods.

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