Jan 3, 2018
Indian economy likely to become 5th-largest in 2018
Jan 3, 2018
India is likely to leapfrog the United Kingdom and France this year to become the world's fifth-largest economy in dollar terms, says the 2018 World Economic League Table published by consultancy firm Centre for Economics and Business Research (CEBR). The report offers an optimistic view of the global economy, boosted by cheap energy and technology prices.
India's ascent is part of a trend that will see Asian economies increasingly dominate the top 10 largest economies over the next 15 years. China is likely to overtake the United States as the world's top economy in 2032, an Indian news agency reported citing the CEBR report.
While Britain is likely to lag behind France over the next couple of years, Brexit's effects on UK economy will be less than feared, allowing it to overtake France again in 2020, CEBR predicted.
CEBR deputy chairman Douglas McWilliams said India's growth had been slowed by restrictions on high-value banknotes and a new sales tax.
As the impact of President Trump on trade has been less severe than expected, the United States will retain its global crown a year longer than was anticipated in CEBR’s last report.
Vulnerability to low oil prices and too much reliance on the energy sector may make Russia fall from 11th now to the 17th place among the world's largest economies by 2032.
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