UK Tumbling From List of Top 10 Economies
With growing economic strength in the BRIC nations, and in commodity-led countries like Canada and Australia, the UK may lose its standing as a top-ten economy within five years.
According to the Telegraph:
“The [Centre for Economics and Business Research] report said that the UK could drop to 11th place by 2015, if current economic and population growth and exchange rate trends continue.
“Brazil and Russia could overtake the UK as soon as 2012, and India by 2015, the CEBR said. Canada’s economy could also be bigger than Britain’s that year, if demand for natural resources continues to increase, and Australia may surpass the UK by 2020.”
It’s noteworthy to see how countries with commodities-based economies are poised to surpass a global financial center. It shows a shift in economic power away from countries steeped in financial engineering and toward those with hard physical assets in the form of natural resources.
The full coverage is available from the Telegraph in its article on how Britain risks falling out of world’s top ten economies.