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As per a report published by Consultancy Firm PwC on global economy, India is likely to outshine the United Kingdom in the ranking of world’s largest economy in 2019. The report further says – “On one hand the UK and France have regularly swapped positions owing to the similar bar of development and almost equal populations, India’s acceleration in the rankings is likely to be permanent.”

Additionally, Global Economy report forecasts the actual GDP growth of three nations. The data projects 1.6 percent growth for the UK, 1.7 percent for France and 7.6 percent for India in the current year.

The report description quoted – “India and France are likely to surpass the UK in the world’s largest economy rankings in 2019, knocking it from fifth to seventh place in the global table.”

According to World Bank’s information, Indian subcontinent scored the rank of world’s 6th largest economy in 2017 knocking down France and was expected to surpass the UK stationed on the fifth rank. Global Economy Watch- PwC is a dwarf publication that observes the trends and issues related to the global economy and presents a comprehensive analysis of the leading economies of the world.

Ranen Banerjee, Partner and Leader - Public Finance and Economics, PwC India said – “India should return to a healthy growth rate of 7.6 % in 2019-20 if there are no major headwinds in the global economy such as enhanced trade tensions or supply-side shocks in oil… The growth will be supported through the further realization of efficiency gains from the newly adopted GST and policy impetus expected in the first year of a new government.”

Mike Jakeman, senior economist at PwC, asserted – “India is the fastest growing large economy in the world, with an enormous population, favorable demographics and high catch-up potential due to low initial GDP per head… The UK and France have regularly alternated in having the larger economy, but subdued growth in the UK in 2018 and again in 2019 is likely to tip the balance in France’s favor. The relative strength of the euro against the pound is an important factor here.”

The PwC report also stated that, as G7 countries return to long-run average growth rates, the entire global economy is likely to fall at a slow pace in 2019. The publication analysis illustrates that the acceleration in the growth of most major economies observed from the end of 2016 to beginning of 2018 is bygone now.

Further, World Bank data highlights below information regarding GDP comparison between countries.

  • In 2017, India reached the sixth largest economy position with a GDP of USD 2.59 trillion, confiding France to the seventh position. The GDP of France settled at USD 2.58 trillion.
  • The UK had a GDP of USD 2.62 trillion, which is nearly USD 25 billion more than that of India.
  • The United States was the world’s largest economy having GDP of USD 19.39 trillion, followed by China with the size of USD 12.23 trillion mounted at the 2nd position in 2017.
  • Japan with USD 4.87 trillion and Germany having USD 3.67 trillion GDP measure were located at the 3rd and 4th rank, respectively.