India, which appears to have been pushed back to being the world’s sixth-biggest economy in 2020, will again overtake the U.K. to become the fifth-largest in 2025 and race to the third spot by 2030, a think tank said on Saturday.
India had overtaken the U.K. in 2019 to become the fifth-largest economy. “India has been knocked off course somewhat through the impact of the pandemic. As a result, after overtaking the U.K. in 2019, the U.K. overtakes India again in this year’s forecasts and stays ahead till 2024 before India takes over again,” the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday. The U.K. appears to have overtaken India again during 2020 as a result of the weakness of the rupee, it said. CEBR forecast that the Indian economy would expand by 9% in 2021 and by 7% in 2022. “Growth will naturally slow as India becomes more economically developed, with annual GDP growth expected to sink to 5.8% in 2035.”
Indian would overtake “Germany in 2027 and Japan in 2030,” it said. The U.K.-based think tank forecast that China would overtake the U.S. to become the world’s biggest economy in 2028, five years earlier than estimated due to the contrasting recoveries of the two countries from the pandemic.
Courtesy – thehindu