The UK has been surpassed by France on the economic table due to the uncertainty surrounding Brexit.
Figures from the World Economic Outlook rank the UK in 8th spot with £1932 billion, whilst France is trailing Germany in 4th with £1967 billion.
It has previously been reported by experts that the UK economy hasn’t been too badly shaken, and was defying expectations by strengthening.
The slip wasn’t unnoticed by Prime Minister Theresa May, who said there would be “bumps in the road” as Britain exits the EU.
Currently, the UK is at a crossroads with their relationship with the EU. Numerous figures on the European stage, such as Angela Merkel, have insisted that the UK cannot have access to the single market unless they accept the free movement of people.
It has been theorised that the UK’s stance on immigration has caused the sterling to slip. But Theresa May believes it is the will of the British people to reject free movement.
The pound is currently at a post-Brexit low of €1.14.
Economic growth in the UK is estimated to be just 1.1% next year, compared with the 2.2% of last year.
“The Brexit vote is an obvious development that we didn't expect a year ago. It's created a lot of uncertainty about the ultimate shape of creating relationships between the United Kingdom and the EU 27 and that uncertainty will probably weigh on growth,” said Maurice Obstfeld, IMF chief economist and economic counsellor.
“Taken as a whole, the world economy has moved sideways. We have slightly marked down 2016 growth prospects for advanced economies while marking up those in the rest of the world.”