Friday

12th Aug 2022

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

Become an expert on Europe

Get instant access to all articles — and 20 years of archives. 14-day free trial.

... or subscribe 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.

Magazine

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.

Sweden to extradite man wanted by Turkey

The Swedish government has agreed to extradite a Turkish citizen with Kurdish roots wanted for credit card fraud to Turkey, amid the backdrop of Turkey's Nato threat.

Estonia and Latvia sever China club ties

Beijing's club was meant to forge stronger European relations. Lithuania left it last year. Now Estonia and Latvia have also decided to walk over Chinese bullying.

Opinion

Only Western unity can stop Iran hostage-diplomacy

The Belgian parliament's recent decision to ratify its prisoner-exchange treaty with Iran is a grave mistake, and one which exemplifies the many downfalls of dealing with Iran's human-rights abuses on a case-by-case basis.

Stakeholders' Highlights

  1. EFBWW – EFBH – FETBBConstruction workers can check wages and working conditions in 36 countries
  2. Nordic Council of MinistersNordic and Canadian ministers join forces to combat harmful content online
  3. European Centre for Press and Media FreedomEuropean Anti-SLAPP Conference 2022
  4. Nordic Council of MinistersNordic ministers write to EU about new food labelling
  5. Nordic Council of MinistersEmerging journalists from the Nordics and Canada report the facts of the climate crisis
  6. Council of the EUEU: new rules on corporate sustainability reporting

Latest News

  1. Defying Russian bombs, Ukraine football starts 2022 season
  2. Sweden to extradite man wanted by Turkey
  3. EU must beware Beijing's new charm offensive
  4. Forest fire near Bordeaux forces over 10,000 to flee
  5. Estonia and Latvia sever China club ties
  6. Russian coal embargo kicks in, as EU energy bills surge
  7. Only Western unity can stop Iran hostage-diplomacy
  8. Kosovo PM warns of renewed conflict with Serbia

Join EUobserver

Support quality EU news

Join us