Britain has officially abandoned its claim to be the world's fifth largest economy

While there are several ways to measure the size of an economy, the U.K. Treasury pointed to GDP forecasts published by the International Monetary Fund in October to back up his statement.
This year will be the first time since 2013 that France has topped the U.K. in the ranking, according to the IMF.
On Wednesday, the Office of Budget Responsibility slashed its U.K. growth forecasts for 2017 from 2% to 1.5%. It expects a 1.4% expansion next year, followed by 1.3% in 2019 and 2020.
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.
David Davis, Britain's lead negotiator in Brexit talks, mentioned as recently as September that his country's economy was the fifth largest in the world.
The U.K. is expected to slide further. India is forecast to power past both Britain and France in 
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

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