India’s economy is the fifth largest economy in the world and has grown in the last few decades. India surpassed the UK with a 7% growth forecast for 2022. India along with the US, China, Japan, and Germany takes the title of being the Top 5 wealthiest Countries in the World.
How did Covid-19 affect the 5th India’s Economy?
India’s GDP dropped by a massive 24.4% being the worst year in terms of economic recession in the country. India’s growth rate since 2018 was one of the highest drops due to Covid-19 in the fourth quarter of 2019. The unemployment rate in 2018 is 5.33% grows to 7.1% in 2019 indicating that the country has performed poorly in terms of per capita income.
How did India overtake UK Economy becoming the fifth largest economy?
India is one of the worst affected countries due to the pandemic but will still become the World’s fifth-largest economy by 2025 according to researchers. India’s trajectory of growth targets to become the third-largest by 2030 after overtaking the UK’s fifth place in 2025. According to the Centre for Economics and Business Research (CEBR), India will be ahead in terms of GDP against the UK and Japan by 2030.
India’s Economy Will Surpass the 2nd Largest Economy
India is expected to surpass China in terms of growth, population, and economy. China’s largest economy grew slower than India’s growth since the year 2016. China’s National Bureau of Statistics reported $18 trillion country’s annual GDP. This proves the weakest performance of China since 1976 being affected by the Covid-19 pandemic.