Will Hungary overtake Great Britain by 2040? So shouts the leader of the British opposition

On Monday, Keir Starmer will give a speech in the City of London financial center on his party’s economic plans, and then take part in a roundtable with leading economists on British economic policy that will be essential the next day. a period. Among others, John Allan, head of the largest British retail chain, Tesco, and Mark Carney, former governor of the Bank of England – the British central bank – will be present at the event.

And the Labor leader says, according to details provided in advance from the speech: The Conservative Party, which has been in power for thirteen years, has led the British economy “down a path of decline”, And if the growth processes did not change in the past period,

By 2030, Poland’s population will be better off than the British in terms of per capita GDP.

According to an analysis based on global data compiled by Labor – which Starmer quoted in his speech on Monday – Britain’s gross domestic product (GDP) per capita increased by an average of 0.5 percent annually between 2010 and 2021 in real terms, while in Poland it rose by an average of 3.6 percent and in Hungary by 3 percent, and in Romania, GDP per capita increased by 3.8 percent in the same period.

All this means is that if this process proves to be permanent, by the start of the next decade Britons will be on average £500 (216,000 forints) poorer than Poles based on the value of annual GDP per capita – the British Labor leader underlines in his presentation.

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Starmer – who is also his party’s candidate for prime minister – adds that if the growth processes themselves remain unchanged

The value of GDP per capita will be higher in Hungary and Romania by 2040 than in Great Britain.

The British economy is already far behind the most advanced industrial economies in the world.

According to a series of data released by the British Office of Statistics (ONS) the other day, the value of British GDP in the fourth quarter of 2022 was 0.8 percent lower than in the same period in 2019, i.e. in the last full quarter before the national. Restrictions to curb the coronavirus epidemic have been imposed in Great Britain from March 2020.

According to ONS analysis, this also means that only Great Britain has not yet incurred the economic loss from the coronavirus shock among the six countries in the Group of Seven leading (G7) industrialized economies for which this comparative figure is known.

According to the British Statistics Office, the United States’ GDP exceeds the pre-pandemic level by 5.1 percent, Canada by 3.5 percent, France by 1.2 percent, Germany by 0.2 percent and Italy by 1.8 percent. In the case of Japan, this data is not yet known.

Cover image source: Getty Images

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