Published: Thu, December 28, 2017
People | By Leon Thompson

The Indian economy to outgrow France and Britain within 2018

The Indian economy to outgrow France and Britain within 2018

An official of the research firm notes that Asian countries will make up half of the 10 largest economies, while the United States will lose its top spot and European nations will see their rankings drop.

The position is two notches up from Australia's current 13th spot, the London-based economic analysis group Centre for Economics and Business Research highlighted in its latest ranking of the worlds economies released on Tuesday.

The Cebr report predicts the United Kingdom will overhaul closest rival France by 2020 to retake sixth place when the effect of Brexit proves to be not as bad as feared.

Despite Indian critics claiming that demonetisation and the implementation of Goods and Services Tax (GST) badly damaged the Indian economy, a British research organisation has found that India is likely to cross Britain and France to become the world's 5th largest economy in 2018. The analysts also said that India's growth will continue with the country to take the top spot in the second half of the century.

Then another emerging "BRIC" nation Brazil will overtake us in 2028.

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The 9 edition of the World Economic League table which keeps a track of the size of different economies and projects changes over the next 15 years also says that on some cost of living adjusted measures, India is already the world's third-largest economy.

"Technology and urbanization will be important factors transforming the world economy over the next 15 years".

The Cebr deputy chairman Douglas McWilliams said that "Despite temporary setbacks ..."

'Because the impact of President Trump on trade has been less severe than expected, the U.S. will retain its global crown a year longer than we anticipated in the last report, ' the report said. By 2032, the Russian economy is expected to slide to the 17 place in the world, down from the 11 now.

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