This is a little out of our normal lanes of discussion, but I have watching Brexit for a while. In the end, economic power = military power, so the impact of this is worth examining. The UK is one of four of the ten largest economies in the world that are located in Europe (note that Russia is 11th, behind Canada). Here is a rough comparison between them:
……………………GDP……….Population…..Per Capita GDP……..PPP
Germany………3.8………….83.1……………..46,259…………………56,052
UK……………….2.8…………66.8………………42,300…………………48,710
France…………2.7………….67.2……………..40,494…………………49,435
Italy……………..2.0…………60.0………………33,190…………………44,197
Russia…………..1.7………146.7………………11,585…………………29,181
United States…21.4……..330.8……………..65,281…………………65,281
Spain……………1.4………….47.3……………..29,614…………………42,214
Netherlands….0.9………….17.5……………..52,448…………………59,687
Ukraine…………0.15……….41.7……………….3,659…………………13,341
These are 2019 World Bank data, which pre-dates the coronavirus. GDP is in trillions. Population is an estimate as of 2020. It is in millions. Per capita is the World Bank 2019 figures, so as to again dodge the coronavirus. It is in dollars.
So, to put in simple terms, UK and France are about the same population wise, GDP wise and in per capita GDP. Germany is a little larger and a little richer. Italy is a little smaller and a little poorer. This is a good group of candidates for a long-term comparison.
Now, I happen to think that economically, Brexit is a bad idea. What I expect to see over time is a change in the UK GDP compared to other western European countries. But we probably won’t really know what the full impact will be until we have gotten through the coronavirus issues and economies and the rest of the world have re-adjusted back to a more normal existence. Meaning, it may be a few years before we appreciate and fully understand the impact of Brexit and its long term effects. So maybe revisit this post in 2022?