breaking news USD 5 Trillion Economy: The Curious Case of India's Rise in the Top 5 - Business News lastminute news

express news service

breaking news USD 5 Trillion Economy: The Curious Case of India's Rise in the Top 5 - Business News lastminute news

express news service

22 Mayıs 2022 - 10:00

express news service

Did India break into the top league as the world’s fifth largest economy overtaking Britain? It did, but didn’t. According to the IMF, in 2019, India became the fifth largest economy in the world with a nominal GDP of $2.94 trillion, overtaking France ($2.71 trillion) and the UK ($2.83 trillion). But the problem with GDP figures is that they undergo many revisions and the final figures come only with a lag of 2-3 years. In other words, first estimates of national output are ballpark figures and are subject to revision, both up and down.

Hence, India’s $2.94 trillion for 2019 was revised upwards to $2.83 trillion, while France and the UK were revised upwards to $2.73 trillion and $2.88 trillion, respectively. The happiness was short-lived and it seemed that Britain was still not able to beat our colonial masters to make the top 5, and India moved to the sixth position.

According to the latest IMF estimates, the good news is that Asia’s third largest economy is not only likely to break into the top 5 this fiscal, but also move up a position to take over Germany in the next 5 years. is likely to. This time’s forecasts are somewhat credible given the gap between the projected production between India and the UK for this year and that between India and Germany for 2027, which means that both before and after a downward revision. Despite. Second guess, it is likely that India’s place in the top five has been confirmed.

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