India, the $2.85 trillion economy is currently the 7th largest in the world in terms of Gross Domestic Product, and all it needs is to add $90 billion to conquer not only the United Kingdom but also France.
India, the $2.85 trillion economy is currently the 7th largest in the world in terms of Gross Domestic Product, and all it needs is to add $90 billion to conquer not only the United Kingdom but also France, the International Monetary Fund data showed. The GDP of United Kingdom is $2.94 trillion and France $2.93 trillion. The two countries are just ahead of India at 5th and 6th rank.
India recently registered a stellar economic growth rate of 7.7% in the fourth quarter of the financial year 2017-18 and is expected to continue growing at 7% plus rate in coming two years as well. India might as well clock 8% growth by 2022, according to the World Bank forecast. On the contrary, UK’s GDP growth collapsed to just 0.1% in the January-March quarter.
BofA Merrill Lynch Global Research forecasts that India can leave France behind this year and the United Kingdom by 2019. Moreover, it also predicted that India can surpass Germany and Japan in nominal GDP in dollar term by 2028. India is also expected to be a $6 trillion economy — the third largest in the world — in the next 10 years, majorly helped by digitisation, according to a report by Morgan Stanley.
Moreover, a PwC report projects that India can even surpass the United States by 2050, the biggest economy in the world. With $20.4 trillion, the United States is the largest economy in the world, followed by China at $14 trillion. Japan and Germany are at 3rd and 4th positions with $5.1 trillion and $4.2 trillion.
“The sheer scale of the United States’ economy puts others into perspective. It is larger than the combined economies of numbers four to 10 on the list above. Overall, the global economy is worth an estimated $79.98 trillion, meaning the US accounts for more than one-quarter of the world total,” the World Economic Forum said in a report. By 2050, PwC predicts, India to be a $44.1 trillion, China to be a $58.5 trillion and the United States to be a $34.1 trillion economy.