Stat of the month: UK heads for a slippery slide

60%: the number of developing countries that will be in the global economic top 10 by 2050

by MT Staff
Last Updated: 09 Oct 2013

Over the next 40 years, western dominance of the global economic premier league will end, leaving the UK in the relegation zone.

In the latest of its 'World in 2050' reports, accounting firm PricewaterhouseCoopers (PwC) predicts that six of the 10 largest economies (measured by market exchange rate GDP) will be now-developing countries, up from just two today: China and Brazil. China will replace the US at the top of the table, while the UK - now sixth - will slip to ninth or 10th, outpaced by Brazil, Mexico and Russia.

But at least Britain will fare better than some continental rivals: France, Italy and Spain will be out of the top 10 altogether.

How can we make the best of our fate? Focus on exports, PwC advises. At the moment, only 7% or so of UK exports go to the fast-growing BRIC countries (Brazil, Russia, India and China). We must do better.

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