A recent study published by the Center for Economics and Business Research (CBER) forecasts that in 2025, India will once again surpass the United Kingdom as the fifth largest economy and leap to third position by 2030. CBER is a UK-based company that provides public and private companies with independent economic forecasts.

 

♦ The Indian economy will grow by 9% in 2021 and 7% in 2022.

♦ This trend of growth will make India the third largest economy in the world by 2030, surpassing the UK in 2025, Germany in 2027 and Japan in 2030.

♦ In 2028, thanks to the contrasting recoveries of the two countries from the Covid-19 pandemic, China will absorb the USA to become the world`s largest economy, five years earlier than previously predicted.

♦ Japan will remain the third-largest economy in the world until India overtakes it in the early 2030s, dragging Germany down from fourth to fifth.

♦ Previously, India surpassed the UK in 2019 to become the fifth-largest economy in the world, but in 2020 it dropped to sixth place.

♦ Even before the impact of the Covid-19 crisis, the Indian economy has been losing momentum.

♦ A combination of factors, including the fragility of the financial system, reforms and changes (Demonetisation, GST) and the slowdown in global trade, has resulted in a slowdown in growth.

♦ For the second quarter of 2020 (April to June), GDP is 23.9% lower than the 2019 pace, suggesting that nearly a quarter of the country`s economic output has been depleted by global demand and the deterioration of domestic demand, followed by a series of strict national lockdowns.