Treasury chief Philip Hammond acknowledged in his Wednesday’s budget speech that Britain is no longer the world’s fifth most powerful economy.

To back up his claim, Hammond referred to GDP forecasts published by the International Monetary Fund in October.

Britain will reportedly narrowly lose its top five position this year to France, for the first time since 2013. The latter is expected to show even greater potential in the coming year.

Britain’s economic rating has markedly deteriorated since the country voted to leave the European Union back in June 2016, with the pound further weakening and consumer activity slowing down, as reported by CNN.

On Wednesday, the Office of Budget Responsibility slashed this year’s UK growth forecasts from 2 percent to 1.5 percent. It expects the country’s GDP to rise a mere 1.4 percent next year, followed by 1.3 percent in 2019 and 2020, which is most disappointing for politicians who argue Britain will maintain a stronger economy outside the EU bloc.

David Davis, Britain’s key negotiator in the Brexit talks, mentioned as recently as September that his country’s economy was the fifth largest in the world.

According to IMF forecasts, India has every chance of outstripping both Britain and France by 2019, as its $2.4 trillion GDP makes it trail just a little behind the UK this year. The IMF list of the world’s strongest economies is topped by the US, boasting of $19.4 trillion GDP, China and Japan with $11.9 trillion and $4.9 trillion GDP respectively. 

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