Il Sorpasso Redux

In 1987 the Italian economy surpassed the British one in in absolute GDP terms, making Italy the world's fifth largest economy. The milestone came to be known as Il Sorpasso. Fast forward twenty years, though, and Italy now ranks seventh, according to the International Monetary Fund, behind the United States, Japan, Germany, China, the United Kingdom, and France. But according to the Centre For Economics and Business Research, Italy will overtake the UK again next year, (as will France). Next year both Britain and Italy are expected to suffer severe recessions, but Italy's gross domestic product will have a higher market value than Britain due to the weakness of the pound against the euro.

Somehow, it seems faint reason to celebrate.