Happy Thanksgiving to all our readers!!
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Britain has officially abandoned its claim to be the world's fifth largest economy. "Britain is the world's sixth largest economy," Hammond said in his closely-watched budget speech.
The numbers show that France will narrowly squeak ahead of Britain in the group's 2017 ranking of global economies, with its advantage predicted to widen considerably in 2018. The slide reflects a sharp deceleration in Britain's economic growth since it voted to leave the European Union in June 2016. The pound has weakened dramatically, consumer spending has slowed and prices have spiked.
With that India is only $0.175 trillion away from becoming the world's fifth largest economy.
Here are the world's top seven economies, according to the 2017 IMF forecast:
U.S. - $19.4 trillion
China - $11.9 trillion
Japan - $4.9 trillion
Germany - $3.7 trillion
France - $2.575 trillion
U.K. - $2.565 trillion
India - $2.4 trillion
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