India will become the fifth largest economy in the world in 2018, surpassing the United Kingdom and France
This is stated in a report by the Center for Economics and Business Research. According to the same forecast, by 2032 the Asian country will be in third place
India will overtake the United Kingdom and France and will become the fifth largest economy on the planet next year , according to a report published on Tuesday.
The Asian country, currently in seventh position, will reach fifth place in 2018 and will jump to the third by 2032 , according to the Center for Economics and Business Research (CEBR), a consultancy based in London.
“Despite temporary setbacks (…) India’s economy reached those of the United Kingdom and France, and by 2018 it will have surpassed both to become the fifth largest economy in the world,” said CEBR Vice President Douglas McWilliams.
The Indian economy collapsed 5.7% in the second quarter of the year , but recovered slightly, up to 6.3%, in the third.
Even so, the numbers were good news for Indian Prime Minister Narendra Modi, whose two most important political decisions last year were widely accused of provoking a depression that slowed growth at its slowest pace in three years.
India was the world’s fastest growing main economy at the end of 2016 , with GDP growth of 7%.
But the sudden ban, in November, of the two most valuable notes (in rupees) of India at that time – representing 86% of the country’s cash – hit the industry and halted activity in some sectors of the economy .
The cheap energy and the digital revolution will be the main economic engines worldwide, according to the report. Global growth will be dominated by Asian economies, particularly India, China and Japan.
According to the same report, China will overtake the United States as the world’s largest economy by 2030.