New Delhi: India has overtaken both France and the UK to become the world’s fifth-largest economy in the world in 2019, the Centre for Economic and Business Research said in its report of economic forecasts for 193 countries to 2034. “India has decisively overtaken both France and the UK to become the world’s fifth-largest economy in 2019. It is expected to overtake Germany to become fourth-largest in 2026 and Japan to become the third-largest in 2034. India is also set to reach a GDP of $5 trillion by 2026 – 2 years later than the current government target,” the research centre said in its statement.
“Slow growth during the year has increased pressure for more radical economic reforms. 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,” it said.
The USA in 2019 reached 24.8% of world GDP, its largest share of the world economy since 2007. And the US is now expected to remain the world’s largest economy throughout the 2020s and is to be overtaken by China only in 2033. China won’t go into recession in 2020. Canada and Australia should continue to rise in the rankings, according to prediction. By 2034, Canada is predicted to be the 8th largest economy and Australia the 13th largest.
The research has identified three other fastest-rising Asian economies: Bangladesh, Malaysia and the Philippines. By 2027, Korea will become one of the world’s top ten economies, it said.