As per the Centre for Economics and Business Research’s (CEBR) World Economic League Table 2022, India was predicted to become the 6th largest economy (by overtaking France) in 2022 and become the 3rd largest economy in 2031.
- The annual league table also predicted that China will overtake the US to be the largest economy in 2030 (two years later than the forecast in World Economic League Table 2021).
- The world economy is set to surpass $100 trillion for the first time in 2022.
Note – The World Economic League Table 2022 shows the economic forecasts for 191 countries to 2036.
League Table ranking:
|Ranking out of 191 countries||2021||2022||2026||2031||2036|
Analysis of Indian Economy:
i.Over the next 15 years, CEBR forecasts that India will see an improvement in its ranking in the World Economic League Table, rising from 7th place in 2021 to 3rd in 2036.
ii.In 2021, India had a Purchasing power parity (PPP) adjusted GDP per capita of $7,314, classifying it as a lower-middle-income country.
iii.In 2020, India’s GDP contracted by 7.3 percent (-7.3) due to COVID-19. Indian economy is estimated to have grown by 8.5 percent in 2021, with output in 2021 expected to be 0.6 percent above 2019 levels.
iv.In the July-September quarter of 2021, GDP growth was 8.4 percent, after a rebound growth of 20.1 percent in the April-June quarter.
|GDP, local currency bn|
|GDP, USD bn|
|GDP, USD bn|
Note – Under COVID-19, India has the third-highest death toll worldwide, ranking behind the United States and Brazil. India’s population is expected to overtake China’s at some point between 2024 and 2028.
Recent Related News:
India has retained its spot in the top 10 best-performing countries (for the third year after 2020, 2021) and ranked 10th in the global Climate Change Performance Index (CCPI) 2022, which was released by Germanwatch on the sidelines of the COP26 (26th Conference of Parties).
About Center for Economic and Business Report (CEBR):
Chairman – Martin Piers
Headquarters – London, United Kingdom