- Jul 2, 2017
Theresa May visiting India last year (Image: Getty)
India has leapfrogged Britain and France to become the world's fifth biggest economy, a report reveals today.
The Asian giant seized the spot as the UK prepares for Brexit, according to the 2018 World Economic League Table.
Brazil will overtake France and the UK and become the sixth largest economy by 2028.
The stats, produced by Centre for Economic and Business Research, also forecast that the UK will “bounce back” to overtake France in 2020 because quitting the EU will have less of an impact than feared.
The think tank predicts China will overtake the US to become the world’s largest dollar economy in 2030.
And, thanks to a weak oil price, Russia will drop from 11th in 2017 to 17th in 2032.
The World Economic League Table tracks the size of different economies across the globe and projects changes over the next 15 years.
CEBR Deputy Chairman Douglas McWilliams said: “The World Economic League Table shows that despite temporary setbacks from demonetisation and the introduction of the new GST (goods and services tax), 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.”
Report Oliver Kolodseikeco-author, said: “The interesting trend emerging is that by 2032 five of the ten largest economies will be in Asia while European economies are falling down the ranking and the USA loses its top spot.
“Technology and urbanisation will be important factors transforming the world economy over the next 15 years.”