India is expected to overtake Germany to become the 4th largest Economy in 2026, according to Centre for Economics and business Research report.
India has decisively overtaken France and the UK to become the world’s fifth-largest economy in 2019.
According to UK-based economics consultancy report, India is expected to overtake Germany to become the 4th largest economy in 2026.
India has decisively overtaken France and the UK to become the world’s fifth-largest economy in 2019, UK based Centre for Economics and Business Research (CEBR) said in its report.
India is set to reach $5-trillion GDP target by 2026, two years later than Indian Government’s target, the CEBR stated in its report.
India’s slow growth during 2019 has increased pressure for more radical economic reforms, it said.
“Our prediction that India will overtake Germany and then Japan to become the world’s third largest economy in 2034 assumes success in implementing such reforms,” the CEBR said.
In the long run, many Asian economies will rise through the ranks of the World Economic League Table (WELT) as these countries cash in on their demographic dividends, it said on 26th December.
The two most prominent examples are the Philippines, which will enter the top 25 largest economies reaching 22nd place in 2034, and Bangladesh, which will rise to 25th, the report stated.
“Despite the rapid ascent of countries such as India and Indonesia, it is striking how little an impact this will have on the US and China’s dominant roles in the Global Economy. Indeed, their Share of world GDP is forecast to rise to 42% by 2034. The 2020s are set to be a decade marked by continued tensions between the US and China on multiple fronts ranging from trade to tech, which will cast a long shadow over the rest of the global economy.” said Pablo Shah, Senior Economist at Cebr.