‘To occupy 3rd slot by 2030; China to outpace U.S. in 2028’
India, which seems to have been pushed again to being the world’s sixth-biggest economy in 2020, will once more overtake the U.Ok. to become the fifth-largest in 2025 and race to the third spot by 2030, a think tank mentioned on Saturday.
India had overtaken the U.Ok. 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) mentioned in an annual report printed on Saturday. The U.Ok. seems to have overtaken India once more throughout 2020 because of the weak spot of the rupee, it mentioned. CEBR forecast that the Indian economy would broaden 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 mentioned. The U.Ok.-based think tank forecast that China would overtake the U.S. to become the world’s greatest economy in 2028, 5 years sooner than estimated due to the contrasting recoveries of the 2 nations from the pandemic.