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Text II

UK Economy Forecast to Narrow GDP Gap with Germany by 2038

1 The UK will be Europe’s best-performing major

economy in the next 15 years, narrowing the gap

with Germany and extending its lead over France,

according to new long-run forecasts.

2 The Centre for Economics and Business

Research predicted that GDP growth in the UK will

settle between 1.6% and 1.8% in the period up until

2038, helping it retain its position as the world’s sixth-

largest economy.

3 Under CEBR’s long-run world economic rankings,

the UK is expected to grow faster than all of the

eurozone “big four” economies — France, Germany,

Italy and Spain — but not as rapidly as the US.

4 “The fundamentals of the UK economy are

still very much strong,” said Pushpin Singh, senior

economist at CEBR. “London’s status as a financial

and advisory services hub enduring, along with the

wider strength of the services sector across the UK,

will push UK growth.”

5 By 2038, Italy will drop out of the world’s top 10

economies by size, replaced by South Korea. The US

and Germany will slip down the rankings, while India

and Brazil — two developing economies with large

populations — will rise within the top 10.

6 France will underperform the UK particularly due

to its large public sector and high tax levels, while

Germany’s manufacturing slowdown will help Britain

narrow the gap, according to Singh.

Available at: https://www.bnnbloomberg.ca/uk-economy-forecast

-to-narrow-gdp-gap-with-germany-by-2038-1.2015577. Retrieved

on: Dec. 26, 2023. Adapted.