India is set to become the 6th largest economy in the world by 2023 according to the Cebr report.
The British Consultancy report which was made public last week says that the Indian economy will outdo the French economy in 2022. Whereas it will exceed the British economy in 2023.
China however will take a longer time than before to overtake the United States as the No.1 economy to become the world’s top economy in terms of the dollar. The report adds that in 2022 for the first time in 2022, the world’s economic output is expected to exceed $100 trillion.
The consultancy predicted China to become the world’s top economy by 2030 in dollar terms. This comes two years later than last year’s World Economic League Table report.
Cebr deputy chairman Douglas McWilliams said that the important issue that economies were facing in 2020 was coping with inflation. In the US, it has reached 6.8 per cent now. To bring the non-transitory elements under control, he suggested a relatively modest adjustment to the tiller. Otherwise, he warned the economies may need to prepare themselves for a recession in 2023 or 2024.
Other possible countries to come up to the Top 10 economies in the future are Russia, which could happen by 2036 and Indonesia, the ninth place in 2034. Germany in 2034 is set to overtake Japan in terms of economic output.
India may also come up to become the fifth position largest economy by 2025 and third-largest by 2030. The Centre for Economics and Business Research (CEBR) said in their annual report on Saturday that the Indian economy has been affected by the impact of COVID-19 and it resulted in the U.K. overtaking India and staying there till 2024 in this year’s forecast.
India had overtaken the U.K. previously in 2019. Again during 2020 as a result of the weakness of the rupee, the U.K. overtook India.
The report forecasts the Indian economy to expand 9% in 2021 and 7% in 2022. The GDP rate growth sank to 4.2% in 2019, which is more than a ten-year low. It was 6.1% in the previous year. And in 2016, around half the 8.3% growth rate.
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