The Indian economy is forecast to become the fifth biggest by 2027 despite its large population which creates the lowest per-capita GDP.
This news comes after the Indian government put out the GDP data for the first quarter of 2022 according to which the Indian economy grew at 13.5 per cent year-on-year.
India’s ‘nominal” GDP on an adjusted basis using the dollar exchange rate on the last day of the March quarter of 2022 stood at $854.70 billion, while that of Britain was $816 billion.
Experts believe that India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund (IMF).
The IMF’s forecasts show India overtaking the UK in dollar terms on an annual basis in 2022. This will put India behind just the US, China, Japan, and Germany.
Further, the Indian economy is forecast to grow more than 7% in 2021 as per calculations done using the IMF database and historic exchange rates on the Bloomberg terminal.
In 2021, Australia was the 13th-largest economy by nominal GDP and 18th-largest by PPP-adjusted GDP. Its economy grew 0.8% during the March quarter 2022 and 3.3% over the past year.
Almost ten years ago, China was in 13th place (now at 2nd) and India ranked 11th among the largest economies. The United Kingdom (UK) was 5th and has now slipped to 6th place as the people grapple with the increased cost of living and an unstable socio-political environment.
