India Uprises in World’s Economy Ranking in 2019
India is likely to surpass the world’s largest economy ranking in 2019. According to PwC Global Economy watch report, the growth of real gross domestic product (GDP) for the United Kingdom is 1.6 per cent, for France is 1.7 per cent and India is leading with 7.6 per cent in 2019.
The consultancy firm believes that due to regularly switching places, United Kingdom and France facing similar development levels and almost equal population. In such circumstance, India will be ranking up which is almost permanent.
According to the report projected by PwC, “India and France likely to surpass the United Kingdom in the world’s largest economy rankings knocking it from fifth to seventh place in the global trade in 2019.”
India should return to a healthy growth rate of 7.6 per cent in 2019-20 without any major headwinds in the global economy like enhanced trade tensions or supply-side shocks in oil, the report added. It also mentioned that the global economy overall likely to slow in the current year as G7 countries return to long-run average growth rates.
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