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India likely to surpass UK in world’s largest economy rankings: Report
Why is it in the news?
- India is likely to surpass the United Kingdom in the world's largest economy rankings in 2019, according to a report by global consultancy firm PwC.
- As per the report, while the UK and France have regularly switched places owing to similar levels of development and roughly equal populations, India's climb up the rankings is likely to be permanent.
More in the news
- PwC’s Global Economy Watch monitors trends and issues affecting the global economy and details its latest projections for the leading nations.
Findings of the report:
- India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head.
- It is therefore all but certain to continue to rise in the global GDP league table in the coming decades.
- The report also projects real GDP growth of 1.6% for the UK, 1.7% for France and 7.6% for India in 2019.
- The growth will be supported through further realisation of efficiency gains from the newly adopted GST and policy impetus expected in the first year of a new government.
- Also,the global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates.
Source
The Hindu.