June 20, 2024

India is now the fifth largest economy in the world

India has become the fifth largest economy in the world

He has been the Prime Minister of India since 2014 and follows a conservative and liberal business path: Narendra Damodardas Modi.
Photo Alliance / AP Photo | Manish Swaroop

India was joined by its former colonial power Great Britain and is now the fifth largest economy in the world. This is the result of new figures from the International Monetary Fund (IMF).

The populous country is growing dynamically and, according to the forecasts of the International Monetary Fund, could soon replace Germany in fourth place.

With India and China, two climbers in recent years have come from Asia – and together economically they work closely with Russia.

India has surpassed its former colonial power Great Britain in terms of economic power and is now the fifth largest economy in the world. This is the result of new figures from the International Economic Fund (IMF). The International Monetary Fund expects India to achieve a GDP of 3.53 trillion US dollars this year, and Great Britain to reach 3.38 trillion US dollars.

Develop major economic powers

“Day 5, soon it will be number three,” India’s Finance Minister Nirmala Sitharaman said aloud. “FAZ”. The IMF also believes that the densely populated country will continue to have high growth potential. According to forecasts, India could move to fourth place by 2027 – and overtake Germany. The world’s largest economies by GDP are the United States, China and Japan.

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Thus, India is being pushed into the big economic stage. This is also shown by small news: Indian businessman Gautam Adani has become the third richest man in the world – as the only Asian to ever reach the top three.

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Predictions: India will catch up with Germany in 2027

The new order also reflects the shift in economic power to Asia. With China, Japan and India, three of the five largest economies in the world are Asian countries.

The rise of India is also significant against the background of possible new block formations in the world. With China and India, two of the world’s largest economic powers have entered into a close economic partnership with Russia. Its president, Vladimir Putin, hopes to offset losses from Western sanctions in response to Russia’s attack on Ukraine with additional deals with China and India.

Countries with the highest per capita GDP

However, a different picture emerges if you look at an individual’s economic output – and thus prosperity as well. Because of their population of billions, emerging countries China and India are still far from reaching the level of rich industrial nations. This graph shows the ranking of the major economies when looking at GDP per capita rather than as a whole.

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