India may become the world's fifth largest economy in 2019: Report

India may become the world's fifth largest economy in 2019: Report
Britain's Prime Minister Theresa May shakes hands with India's Prime Minister Narendra ModiReuters

  • India is set to overtake the UK in 2019 in the rankings of the world’s largest economies.
  • The India economy may witness a growth of 7.6% in 2019 whereas the UK economy will only see a growth of 1.6% if it deals with the no-deal Brexit, according to a prediction by PwC.
  • India is going to move from the seventh position to the fifth position while the UK is going to slip in the list of global economic leaders, expected PwC.
India is on track to surpass the UK in the rankings of world’s largest economies, amid Britain’s potential exit from the European Union, according to a recent prediction by Pricewater house Coopers (PwC).

"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."

According to PwC, the global economy is expected to slow in 2019 as G7 countries return to long-run average growth rates,

"The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. This phase is now over, and in 2019 we expect the G7 economies to return to growth rates close to their long-run averages," the report said.

India is likely to witness an economic growth of 7.6 percent in 2019 whereas UK will settle at 1.6 percent if the country manages to deal with the no-deal Brexit in March. Moreover, India is also going to move up from seventh to the fifth position in the coming years, reported Reuters citing the PwC projections on global economic trends.

On the flip side, the UK, which was estimated to be the fifth largest economy in the world in 2018 by the IMF will move down to seventh place in the rankings, behind India and France.

The prediction warns about the challenges that Britain is going to face once it steps out of the European Union.

However, the government of the UK has assured that it will be a global leader once the make an exit from EU.

(With IANS inputs)

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