India to overtake France economically in 2018
France is to join the UK in being overtaken on the global economic stage by India in 2018.
India is currently in 7th place in the world, but is set to climb to 5th place in the next year, jumping ahead of France and the UK.
It is predicted to reach 3rd place by 2032, according to a new report by London institute the Centre for Economics and Business Research (CEBR), and reported on French news site 20 Minutes.
The boom in India’s economy is said to be due to the digital revolution across the world, according to the report, and the Subcontinent is set to be just one of the Asian nations expected to grow in economic power over the next 12 months.
This is still true even though India saw a slowdown in growth in the first part of the year - down to 5.7% before increasing to 6.3% in the last part of 2017.
India will join China and Japan in becoming one of the five most powerful economies in the world in the next 12 months, with China expected to overtake the United States - still the world’s most powerful economy - in 2032.
According to the report, India may still continue to grow to first place in the world in “the second half of the century”.
“Despite some temporary setbacks, the Indian economy will be able to catch up with France and the United Kingdom in 2018. It will exceed both of them and become the fifth largest economy in dollar terms,” said Douglas McWilliams, vice president of CEBR.
