Wednesday

24th Apr 2019

Focus

Four EU countries in top 10 world economies

  • Christmas market in Munich, Germany, still the EU's largest economy (Photo: Mia Martins)

Four European countries are in the world’s 10 largest economies, according to research by the Centre for Economic and Business Research.

The annual World Economic League Table 2015 published on Friday (26 December) by the London-based think tank puts the US as the world’s main economic powerhouse, followed by China and Japan.

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... or join as a group

Germany, the UK and France take the fourth, fifth and sixth spots, respectively, with Italy, in the eighth place, the only other EU country in the top 10.

The UK has edged ahead of France into fifth place in this year's rankings, although the Cebr comments that the $1 billion (€850 million) gap in output between the two countries is “well within the margin of error” and would likely be extinguished if France's markets in drugs and prostitution, which “may prove to be 'larger than their British counterparts”, were included.

In June, the UK economy received a statistical boost of £65 billion (€80 billion) following the introduction of new EU accounting rules allowing the so-called ‘grey economy’, which includes proceeds from drug trafficking and prostitution, to be recorded.

Meanwhile, Russia is the main loser in the new list, dropping from eighth place to tenth in the rankings, with Cebr chief executive Douglas McWilliams suggesting that Moscow’s role in the ongoing Ukraine conflict was a factor in the country’s economic decline.

“The fun of the world economic league table is that it brings things back to hard figures,” said McWilliams.

He added that “countries like Russia and Argentina, who have invaded neighbouring countries and whose leaders spout aggressively nationalistic rhetoric, are brought down to earth by their falls in the league table as their economies collapse".

The Russian economy is poised to endure a 4.5 percent recession in 2015 as a result of falling oil prices and the effects of western sanctions.

Last week the country’s central bank was forced to spent around €3 billion of its foreign currency reserves to prevent a run on the rouble currency.

But the next 15 years are likely to be about the continuing rise of some of the 'Bric' countries - Brazil, Russia, India, and China.

China is projected to overtake the US by 2025 as the world’s largest economy, the Cebr forecasts, while the "unstoppable" rise of India will see it become the world’s third-largest economy by 2024.

In Europe, meanwhile, Cebr predicts that Germany’s ageing and declining population, coupled with the weakness of the euro, will allow the UK to overtake it by 2030.

2015: It's the economy, still

After a year of suspended action, the EU needs to show some results in 2015. But changing political landscapes in member states could prove a distraction.

News in Brief

  1. Putin offers Russian citizenship to Ukraine regions
  2. Romania adopts new rules weakening corruption fight
  3. Sturgeon pledges 2nd Scottish independence referendum
  4. Political deadlock looms at Sunday's Spanish election
  5. Le Pen in Copenhagen for talks with new key ally
  6. Trump to meet May and Macron on Europe visit in June
  7. Johnson's sister to run in EU elections on new list
  8. Weber pledges to 'block' Nord Stream 2 as president

Stakeholder

An open China brings opportunities to Europe

Some 60 years ago, the first major World Fair after World War II was held in Brussels. Sixty years on, China International Import Expo (CIIE), the first world expo dedicated to expanding imports, will open in Shanghai, China.

Supported by

Stakeholders' Highlights

  1. Counter BalanceSign the petition to help reform the EU’s Bank
  2. UNICEFChild rights organisations encourage candidates for EU elections to become Child Rights Champions
  3. UNESDAUNESDA Outlines 2019-2024 Aspirations: Sustainability, Responsibility, Competitiveness
  4. Counter BalanceRecord citizens’ input to EU bank’s consultation calls on EIB to abandon fossil fuels
  5. International Partnership for Human RightsAnnual EU-Turkmenistan Human Rights Dialogue takes place in Ashgabat
  6. Nordic Council of MinistersNew campaign: spot, capture and share Traces of North
  7. Nordic Council of MinistersLeading Nordic candidates go head-to-head in EU election debate
  8. Nordic Council of MinistersNew Secretary General: Nordic co-operation must benefit everybody
  9. Platform for Peace and JusticeMEP Kati Piri: “Our red line on Turkey has been crossed”
  10. UNICEF2018 deadliest year yet for children in Syria as war enters 9th year
  11. Nordic Council of MinistersNordic commitment to driving global gender equality
  12. International Partnership for Human RightsMeet your defender: Rasul Jafarov leading human rights defender from Azerbaijan

Latest News

  1. Details of EU Brexit talks with Blair and Soros kept secret
  2. Weber vows to block Nord Stream 2 amid 'sue' threat
  3. 'Next Juncker' must fix EU's corporate power problem
  4. EU want Facebook pan-EU advert fix for May elections
  5. Ukraine comic-president invited to EU capitals
  6. Trump's Israel plan to 'test' EU resolve
  7. Romania drafts EU code on NGO migrant rescues
  8. Bulgaria, Hungary, and Malta shamed on press unfreedom

Join EUobserver

Support quality EU news

Join us