India Surpasses United Kingdom to become Fifth Largest Economy
Posted on:21 Dec 2016 09:52:35
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21 December 2016 Current Affairs: According to a report published in Forbes magazine, India has overtaken United Kingdom in terms of the size of the economy, first time in 150 years.
With this major shift in world economy, India has now become the fifth largest country in terms of the size of the economy after the United States, China, Japan and Germany.
The recent shift took place because of India’s continuous economic growth in the last 25 years as well as Britain’s recent economic issues after the Brexit decision over the last 12 months.
Report : According to the Forbes report, India was expected to overtake UK GDP in 2020, but the almost 20% drop in the value of the pound in the last one year made it possible in 2017.
Economic think-tank Centre for Economics and Business Research (CEBR) in December 2011, forecasted that India would become the “fifth largest by 2020”.
UK’s 2016 GDP of GBP 1.87 trillion converts to $2.29 trillion at exchange rate of GBP 0.81 per $1, whereas India’s GDP of INR 153 trillion converts to $2.30 trillion at exchange rate of INR 66.6 per $1.
The gap in economic growth is likely to widen as Indian economy is growing at 6-8% peryear whereas UK’s economic growth is expected at 1-2% per year until 2020.
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