New Delhi: A top economic research firm has estimated that by 2025, Indian will regain its position as the fifth-largest economy of the world. According to the firm, India will emerge as the third-largest economy by 2030 in dollar terms. The World Economic League Table 2021, which is published by the Centre for Economics and Business Research (CEBR) also said that India will remain as the third-largest economy from 2030 to 2035. The firm has forecasts for 193 countries up to the year 2035. They said that the working of the table is done due to the COVID-19 impact on the global economies.
The firm said that China will overtake the US economy in 2028, which is five years ahead of the previous forecast of 2033. The firm in its report said that the global pandemic has had a $6 trillion GDP cost in the year 2020.
The report said, "While virtually all countries have been affected by the pandemic, one of its impacts has been to redistribute economic momentum between countries with Asia doing best and Europe worst." The report further said that our country, India has been "knocked off course somewhat through the impact of the pandemic." Due to which, the UK overtakes India again in this yea's forecasts and stays ahead till 2024, before India takes over again.
According to the International Monetary Firm (IMF), India emerged as the fifth largest economy of the world in 2019. It was ahead of the UK and France. However, this year, the Indian economy has been hit hard by one of the strictest lockdowns in the world to contain the spread of the deadly COVID-19 virus.
The firm said, "We estimate that world GDP will fall by at least 4.0% this year, clearly with a huge margin of error. If this is correct, the fall will be more than twice as large as in 2009 during the financial crisis and will be the largest drop in GDP in one year since 1931 other than in the years affected by war."