June 19, 2024

India is now the fifth largest economy in the world

India is now the fifth largest economy in the world

Image Alliance/AP Photo | Manish Swaroop

India has caught up with its former colonial power, Great Britain, and is now the world’s fifth largest economy. That’s the conclusion of new figures from the International Monetary Fund (IMF).

The country’s population is growing dynamically and could soon displace Germany from fourth place, according to the IFW’s forecast.

Along with India and China, two of the climbers in recent years are from Asia – and work closely with Russia economically.

In terms of economic power, India has overtaken 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 Economic Fund (IMF). The IMF predicts that India will generate GDP equivalent to US$3.53 trillion this year, while Great Britain will reach US$3.38 trillion.

Development of major economic powers

“Fifth today, third soon,” Indian Finance Minister Nirmala Sitharaman exclaimed. FAZ. The IMF believes that the populous country will continue to have high growth potential. According to projections, India will overtake Germany to move up to the fourth position by 2027 itself. The world’s largest economies by GDP are the United States, China, and Japan.

This makes India a big economy. This is shown by a small news item: Indian multi-entrepreneur Gautam Adani has become the third richest man in the world.

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Prediction: India will overtake Germany in 2027

The new order also reflects a shift in economic strength for Asia. Along with China, Japan and India, three of the world’s five largest economies are Asian countries.

India’s rise is significant in the context of possible new constituency systems in the world. Along with China and India, the world’s two largest economic powers have close economic ties with Russia. Its president, Vladimir Putin, hopes to offset losses from Western sanctions in response to Russia’s attack on Ukraine with more deals with China and India.

Countries with the highest GDP per capita

However, a different picture emerges if you look at economic output per capita – and thus prosperity. Due to their population of billions, the developing countries of China and India are still far from reaching the status of rich industrialized countries. This chart shows the order of major economies when looking at GDP per capita rather than overall GDP.

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