PricewaterhouseCoopers has recently published a report suggesting that UK will remain one of the world’s fastest growing developed economies in the long run
According to the new study quoting the “favorable demographic factors and a relatively flexible economy by European standards” as a cause for “a relatively positive long-term growth projection for the UK”, Brexit will not affect the overall UK economy in the next decades.
Moreover, PwC forecasts show that UK will be the 9th worldwide purchasing power parity (PPP) and the fastest-growing “Group of Seven” economy by the end of 2050.
John Hawksworth, chief economist at PwC, explains: “After a year of major political shocks with the Brexit vote and the election of President Trump, it might seem brave to opine on economic prospects for 2017, let alone 2050.”
Despite a slowdown of the country’s GDP is expected by both PwC and the Bank of England, the main economic impact of Brexit will only take its toll over the economy in the next three years.
“After 2020, UK growth is assumed to revert to its long-term trend as determined by the fundamentals of working age population growth, investment in human and physical capital, and technological progress,” the report quotes.
In conclusion, PwC suggested that the global economy will also double its size by 2042.