Indian Economy Will Overtake France And The UK In 2018

The Indian economy is set to overtake both France and the United Kingdom (UK) in 2018 as Asian economies continue to march forward. The Indian economy has suffered in 2017 due to a demonetization drive and the roll out of GST but market analysts predict that the Indian economy will see a surge in 2018.

Research carried out by the Centre for Economics and Business Research (CEBR) shows that India is set to become the fifth largest economy in the world in 2018. India is currently ranked 7th in the world in terms of gross domestic product (GDP) hitting $2.26 trillion based on data compiled by the World Bank in 2016.

The UK’s GDP for 2016 stood at $2.65 trillion while France’s GDP stood at $2.47 trillion. Britain is expected to drop a few spots in the coming years as Brazil is expected to overtake the UK by 2028.

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The Indian economy had a growth rate of 5.7 percent in the second quarter and moved in the right direction to reach 6.3 percent in the third quarter. India’s economy is expected to continue a positive growth curve in the next 15 years and will contribute towards helping Asian economies steal the spotlight amongst the world’s economy.

In a statement, Oliver Kolodseike, CEBR senior economist said

The interesting trend emerging is that by 2032 five of the 10 largest economies will be in Asia, while European economies are falling down the ranking and the USA loses its top spot

The World Economic League Table (WELT) report says that by 2032, three out of the four biggest economies in the world will belong to the Asian continent. India will join the likes of China and Japan to feature in the top four global economies while Indonesia and Korea will make the list of the top 10 global economies.

Some of the other Asian economies will also experience massive growth in the next 15 years with the Philippines, Taiwan, Pakistan and Thailand making the list of the top 25 economies in the world.

There are a number of reasons why Asian economies are doing well and are expected to flourish in the next decade and a half. The two key components for this growth are urban development and information technology. China is expected to lead the Asian economy surge and CEBR expects China to topple the United States and become the leader of the world’s economy by the end of 2030.

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