Britain will lose its place at the top table of international wealth in the not-too-distant future as countries such as Mexico take our place.
Growing economies such as Nigeria and Brazil will speed past Britain by 2020 in the league table of global economic heavyweights.
Britain is currently ranked 10th – but will slip to 11th worldwide by 2050, behind Brazil, Mexico and Nigeria.
PwC’s World In 2050 research shows that Indonesia could rise as high as fourth place if it can sustain growth-friendly policies.
China will lead the rankings by some distance (after India and the United States) but PwC expects a slowdown in Chinese growth after 2020.
The UK is currently in 10th position and should remain there until at least 2030 before slipping to 11th place in 2050 – behind Brazil, Mexico and Nigeria.
PwC’s chief economist John Hawksworth said: ‘Europe needs to up its game if it’s not to be left behind by this historic shift of global economic power, which is moving us back to the kind of Asian-led world economy last seen before the Industrial Revolution.
‘The US may hold up better, provided it can remain at the global technological frontier, and the UK could also perform well by G7 standards if it remains open to trade, investment, people and ideas.’ (Credit: Metro.co.uk).