India will be world’s third largest economy by 2030, know who will be on top
India will become the world’s fifth-largest economy by 2025 and the third-largest economy by 2030. This is stated in a report by the Center of Economics and Business Research (CEBR). India had become the fifth-largest economy in the world, overtaking Britain in 2019, but slipped again to sixth place in 2020.
The report states that the country has slipped to sixth position due to pandemic and weakness of Rs. Britain overtook it this year. India will overtake Britain again in 2025. According to the CEBR, the Indian economy will grow nine percent in 2021 and 7 percent in 2022. India will naturally slow down after becoming more economically prosperous and GDP growth will be 5.8 percent in 2035. During this time, India will become the world’s third-largest economy by 2030. It will overtake Britain in 2025, Germany in 2027 and Japan in 2030.
China will be on top
According to the report, China will become the world’s largest economy by beating the US in 2028. It was earlier believed that China would reach this point by 2033, but the Covid-19 pandemic has changed the situation. China rapidly got out of this crisis, while the US economy is still struggling. This is the reason that China will overtake the US 5 years earlier than anticipated.
According to the report, there has been an economic and soft power struggle between the US and China for some time. The Covid-19 epidemic has turned it in China’s favor. According to the report, China showed great skill in dealing with the epidemic by putting a lockdown in the beginning while the US is still struggling. China’s economy is expected to grow at a pace of 5.7 percent during 2021-25. After that, its speed will slow down a bit. It can remain at 4.5 percent during 2026 to 2030.
On the other hand, the economy of America is likely to be affected by this for a long time. The country’s economic growth is expected to be 1.9 percent between 2022 and 2024. After that, it will grow at a rate of 1.6 percent. Japan will remain the world’s third-largest economy in dollar terms until the early 2030s. After that India will overtake it. Germany will slip from number four to number five. Britain, currently at number five, will slip to sixth place in 2024.
