London, November 23: One of the largest economies of the world, Britain has officially announced that it is now on the sixth position in top economies of the world.
"Britain is the world's sixth largest economy," Hammond said in his closely-watched budget speech. The loss of its top five spot to an EU rival is more bad news for politicians who argue that Britain will be stronger outside the bloc.
This year will be the first time since 2013 that France has topped the U.K. in the ranking, according to the IMF. The US, China, and Japan have been ranked the top three in the IMF 2017 rating with Germany and France in fourth and fifth spots. India is on the seventh rank.
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.
Here are the world's top seven economies, according to the 2017 IMF forecast:
1. U.S. - $19.4 trillion
2. China - $11.9 trillion
3. Japan - $4.9 trillion
4. Germany - $3.7 trillion
5. France - $2.575 trillion
6. U.K. - $2.565 trillion
7. India - $2.4 trillion
The European Union (EU) is a political and economic union of 28 member states that are located primarily in Europe. In which United Kingdom (UK) is the 28th member of it. Now the UK is planning to leave EU by 2019.