India looks set to leapfrog Britain and France next year to become the world’s fifth-largest economy in dollar terms, a report said. The Centre for Economics and Business Research (Cebr) consultancy’s 2018 World Economic League Table painted an upbeat view of the global economy, boosted by cheap energy and technology prices.
India’s ascent is part of a trend that will see Asian economies increasingly dominate the top 10 largest economies over the next 15 years.
Despite temporary setbacks, India’s economy has still caught up with that of France and the UK and in 2018 will have overtaken them both to become the world’s fifth largest economy in dollar terms,” said Douglas McWilliams, Cebr deputy chairman.
McWilliams said India’s growth had been slowed by restrictions on high-value banknotes and a new sales tax, a view shared by economists polled by Reuters.China is likely to overtake the United States as the world’s No.1 economy in 2032, Cebr said.
The report said, The USA will retain its global crown a year longer than Cebr anticipated in the last report, because the impact of President Trump on trade has been less severe than expected.