India’s economy will become the third largest in the world by 2028, says study

Will trail only China and the United States.

By Deepak Chitnis

WASHINGTON, DC: A report released by a London-based economic consultancy firm states that the Indian economy will likely become the third largest in the world by 2028, trailing behind only China and the US.

The findings were released as part of a study conducted by Cebr, an economic consultancy firm. Its 2013 report, entitled “Cebr’s World Economic League Table Report,” says that Japan’s economy will start to lag behind while India’s surges ahead, meaning that India will eventually overtake Japan and end up in the top three.

“Abenomics [a reference to the economic policies of current Japanese Prime Minister Shinzo Abe] means that Japan is likely to follow a weak currency policy for the foreseeable future which means that its GDP in dollar terms gets overtaken by India earlier than we had previously expected,” says the report.

The report says that India is currently the 11th largest economy in the world, and has a GDP of $1,758 billion. But India is expected move up to the ninth position by 2018. By 2023, India will be the fourth largest economy, and five years after that, will be number three.

Cebr also predicts that Brazil will make huge strides forward, similar to what it says India will do. In fact, Brazil trails India by just one position in the aforementioned projections for 2023 and 2028. The upcoming FIFA World Cup in 2014 is projected to play a big part in boosting Brazil’s economy in the short term.

In other notable moves, Russia moved up to become the eighth largest economy in the world during 2013, knocking Italy down. Canada overtook India to enter the last spot of the top 10 largest economies. Cebr called the UK the second best-performing economy in the West.

 

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