India could become 5th largest economy in 2018, says Report

Prime Minister Narendra Modi

According to the World Economic League Table, published by the London-based think tank, the four largest economies in 15 years are predicted to be China, the US, India, and Japan.

The report also concludes that in 2020, Britain will bounce back to overtake France, should Brexit effects become less than feared.

The Centre for Economics and Business Research (CEBR) suggests China's economy is set to overtake the U.S. with Asia's major economies to continue moving up in the list in 2018 and beyond.

Judging on the trajectory set by this year's national performances, it projects that soaring Asian powerhouse India's ascent will push Britain down to seventh in the world league table in 2018, but only for two years.

But the CEBR also thinks Britain will hold sixth place once we reagin it in 2020 for nearly another decade.

India will leapfrog Britain and France to become the world's fifth largest economy in dollar terms in 2018, the report said. It was tipped to retain this position till 2028, before being overtaken by Brazil.

Previous reports had shown that China would take the top spot by 2031, but the predicted negative impact on the USA economy of President Trump has been "less severe" than expected, CEBR said.

Now ranked seventh, India will move up to fifth place in 2018 and vault to third spot by 2032, the Centre for Economics and Business Research, a London-based consultancy, said in its annual rankings. "Because the impact of President Trump on trade has been less severe than expected, the United States of America will retain its global crown a year longer than we anticipated in the last report", the report added.

The report suggests energy will be less expensive for consumers and, because of a weak oil price, Russian Federation will drop from its current position of 11th to 17th in 2032. "Technology and urbanization will be important factors transforming the world economy over the next 15 years".

Italy will drop out of the ten largest economies by 2023 and fall to 13th in 2029.

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