The world’s leading market data firm, marketresearch.com, has announced its latest data-driven forecast, saying it has already “stopped being a market research company”.
The firm is also forecasting the UK’s economy to grow by 1.3% in the second quarter of 2019, which is the strongest growth rate since the financial crisis, and predicts a record year for exports.
The firm’s latest forecast for the UK also puts the country at the top of the list of the world’s fastest growing economies.
Marketresearch.co.uk says its new forecast for 2019 “is more positive than the last forecast in December”.
It is predicting a 7.7% increase in gross domestic product in the UK and a 4.7 percent increase in exports.
It also forecasts the UK to become the fastest growing economy in the European Union by 2020.
The firm’s forecast for 2021 has also improved significantly.
“In 2019, UK economic growth will reach 5.1% compared to 4.9% in 2018, and this is the fastest growth in the G7 group,” it said.
UK exports are forecast to grow at a rate of 1.6% per year through to 2021, which compares with a 4% increase for exports in 2018.
The UK will remain in the top three countries in the world for growth in 2019, according to the marketresearch firm.
But, it said that growth in UK exports would be driven by the “huge” increase in the value of sterling, and the UK would be unable to compete globally.
“By 2020, the UK will have a much stronger competitive position and will be able to compete on a global scale with countries such as Germany, France, Italy, the US and Canada, as well as the emerging economies of China and Brazil,” it added.
This forecast will “change the way we think about growth in export markets”, said Mr Jones.
We have to look at the value added and how we make the trade with the UK more attractive, he added.
Marketresearch.net, the market research and consultancy firm which helped marketresearch produce its latest forecasts, is forecasting that the UK economy will expand by 1% in 2019 and 1.7%, the next two years.
It expects a 5.9 percent increase to its GDP growth in 2020.
Its latest forecast is “very bullish”, said James Burt, chief market strategist at Marketresearch, in a statement.
“It’s good news for UK exports, but it’s not great news for exports of the UK as a whole,” he said.
“We’re very confident that by 2021, UK exports will grow at an annual rate of 2.4%, the fastest annual rate in the group.”
However, the growth will come at a huge cost for the economy.
We’ve seen the recent rise in unemployment and the rise in inflation that have been driving the UK out of the European Central Bank’s quantitative easing programme.
“The UK economy grew by just 0.1 percent in the third quarter of 2018.
That was down from 0.6 percent growth in Q3 2018, the firm said.
The UK’s share of global trade fell to 26.3 percent in 2019.
This was down 0.2 percentage points from Q3 2019, but up by 0.3 percentage points compared to the fourth quarter of last year, the consultancy firm said in a note.
Britain’s trade deficit with the rest of the EU was $4.6 billion in 2019; this year it is projected to fall to $3.9 billion, according in the firm’s report.
While Mr Jones said the UK is “on track” to become a “global player” in 2019-20, he warned that the Brexit vote and the uncertainty surrounding Brexit mean the UK “has lost a huge amount of market share” from other countries.
He added: “There are many countries out there that are competitive, that can compete.
But the UK has not got any competitive advantage, so they have to come out and say that they are going to be a global player.