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The experts said the effects on the UK have been less than feared and we will bounce back in economic league tables inside two years.

But emerging powerhouses will make strong challenges in the 2020s, with China expected to overtake the US at No1 and Britain and France left behind by India and Brazil.

The findings come in the ninth edition of the annual World Economic League Table, which analyses the likely performance of 192 nations over the next 15 years.

The research, compiled by the Centre for Economics and Business Research in partnership with Global Construction Perspectives, predicted technology and cheap energy will now drive a stronger period of growth.