For the first time in history, the United Kingdom has lost its prestigious rank among the top ten largest manufacturing countries. In the meantime, the UK economy is taking a backseat in the global economy.
In the rankings for 2022, the UK comfortably settled in 12th place, whereas it proudly held the 8th position just a year ago.
Meanwhile, Russia and Mexico enthusiastically surged to the 8th and 7th ranks, respectively. Who would have thought that Russia's defense industry and China’s investments in Mexico could deal such a serious blow to British macroeconomic indicators?
China grabbed the top spot, outperforming the US. The perpetual front-runner US ranked second due to economic malaise amid aggressive monetary policy. Their fierce economic rivalry is still going on!
Apart from the limping economy, analysts warn that Great Britain is facing the most challenging budgetary problem since the 1950s. The UK government has to choose between cutting public service spending, raising taxes, or increasing the huge national debt.
Besides, since Brexit, the UK has been steadily falling behind the countries it could recently compete with. Experts say that Great Britain is losing momentum for several reasons such as shrinking trade flow, a drop in business investments, and a significant labor shortage, triggered by the outflow of migrants from the European Union.
