PwC the global consultancy firm submitted its economic rankings for the year 2019 and said that India is likely to surpass England in the economic rankings. The report further added that the projected GDP growth for India was much better than France and the UK. The UK had projected GDP growth of 1.6, France 1.7 and India 7.6.
That data shows that India is likely to overtake both France and the UK and take the fifth ranking in the global economic table. England is expected to drop two places and take the seventh place, while France takes the sixth position. In 2017, India became the sixth largest economy in the world beating France and was likely to take the fifth place surpassing the UK as per World Bank data.
The Global Economy watch which publishes reports of the latest trends and projections in the global economy and also details the challenges faced by the global economy.
Till date, the economy of France and UK alternated in the fifth position, but due to the current economic condition in England which is likely to continue this year too, France will have an edge. Moreover, the Euro is in a much better condition than a Pound which is also a factor that will tip the scale towards France.
Senior economists in PwC are of the opinion that will have a growth rate of 7.6% in the year 2019-2020 if there are no major hurdles in the economy like the current trade war between US-China or oil-related shocks. Apart from that, the country benefits from the GST which was newly introduced and also there will be more momentum to the growth story as the election is around the corner and the new government will introduce policies that will help. Additionally, India has a huge population with great potential and favorable demographics which makes it the fastest growing economy in the world.
The US still regains its numero uno position as the World’s largest economy with 19.39 trillion dollars; China is the second largest economy with 12.23 trillion dollars, Japan stands third with 4.87 trillion dollars and Germany the fourth. The UK stood at fifth position with 2.62 trillion dollars in 2017 but due to Brexit is likely to lose its position to India.
The PwC report also added that as a whole the global economy in 2019 is expected to slow down, and it will take time for the G7 countries to return to good growth rates.