According to a report by UK-based Centre for Economics and Business Research (CEBR), India is likely to become the fourth largest economy by 2026 and the third largest by 2034 .
What the report says?
- The CEBR report states that India would surpass Germany to take on the mantle in 2026 and further topple Japan in 2034 to become the third largest economy. It further says that India has decisively overtaken both France and the UK to become the world’s fifth-largest economy in 2019.
- The report titled ‘World Economic League Table 2020’ said that India is also set to become a 5 trillion dollar economy by 2026, 2 years later than the government’s target of 2024.
- India, which was the world’s fastest-growing major economy, has seen growth rate decline to a six-year low of 4.5 per cent in the September quarter of 2019-20.
- This has largely been attributed to the slowdown in investment that has now broadened into consumption, driven by financial stress among rural households and weak job creation.
About World Economic League Table
- It is an annual calculation by Centre for Economics and Business Research (CEBR) jointly published by CEBR and Global Construction Perspectives.
- The base data for 2019 is taken from the IMF’s World Economic Outlook.
