India has leapfrogged Britain and France to become the world's fifth biggest economy!

[Ariss]

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.”

 

[Ariss]

http://www.mirror.co.uk/news/politics/britain-falls-another-place-world-11751268

 

[Mikesingh]

Good news, but means squat to those still existing below the poverty line since God knows when. Even one square meal is a luxury for them. And there are millions in this category.

Whatever happened to Indira Gandhi's much touted slogan, "garibi hatao, desh bachao"? And that was almost 50 years ago. (Politicians love slogans....Like "India shining", "incredible India" etc. What a lot of hogwash!)

 

[Butter Chicken]

This should not be news,only when we reach third place in nominal terms should it be news

 

[CrYsIs]

This should not be news,only when we reach third place in nominal terms should it be news

Even that wouldn't be news worthy as India is expected to become a 7 trillion $ only by 2030,reaffirming that the country is going to stay poor for a very long time.

 

[Armand2REP]

Is this recorded as nominal GDP???

 

[AnantS]

Is this recorded as nominal GDP???

Nominal I think. Because by PPP, India is already ahead according to this site:
http://statisticstimes.com/economy/countries-by-projected-gdp.php

 

[Tactical Frog]

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.

Oh really !! What if Brexit has more of an impact than feared ?

London-based think tank, uh.

 

[Darth Malgus]

Oh really !! What if Brexit has more of an impact than feared ?

London-based think tank, uh.

Iol, wait till the Brits loose London as the Financial centre to Frankfurt.

 

[nongaddarliberal]

Yawn, someone call me when we've hit at least 6-7 trillion. We are a nation of 1.3 billion, we shouldn't be patting ourselves on the back merely because we have a bigger economy than countries with only 60-70 million people. It's been 70 years since independence, we should have been miles ahead.

 

[Yggdrasil]

Yawn, someone call me when we've hit at least 6-7 trillion. We are a nation of 1.3 billion, we shouldn't be patting ourselves on the back merely because we have a bigger economy than countries with only 60-70 million people. It's been 70 years since independence, we should have been miles ahead.

Chacha Nehru laughs at your "should have" and "could have".

Anyway, you're right of course, I think India - with the right government in charge, preferably Modi till 2024 and then Yogi till 2034 - should be able to seriously assert its geopolitical will once it's a $5-6 trillion economy. We don't have to be as big as China economy-wise to be able to take it on in terms of international influence, because the international reputation and soft power of India far exceeds that of China.