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UK is to become Europe’s second largest economy by 2020′

The UK is to become Europe`s second largest economy by 2020.

The UK is to become the second largest economy by 2020, overtaking France. This is according to a consultancy firm PwC.
PwC have said this is due to the strength of the pound against the dollar, when compared to the strength of the Euro to the dollar. The strong currency combined with continued falling unemployment is adding the economy`s growth.

Germany is still forecasted to be the top economy in Europe, the US is top globally followed by China, Japan and then Germany.
But it says the UK lags behind in areas including education, investment, trade deficits and income inequality.
India`s economy is set to overtake the UK by 2030, this will also rise above Germany and Japans to become ranked third largest economy in the world.

The UK`s economy is estimated to be worth £1.65 trillion while the French economy is valued at £1.60 million.
The consultancy has noted that the UK has strengths in political, legal and regulatory institution. This also includes easing of doing business and strong communications technology. They also suggested that the UK scores well with relatively low unemployment rates and good inflation performance.

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