The India story economic story has just gotten bigger! A recent report by Knight Frank claims that India will pip China and emerge as the largest economy in the world. The research report expects India to grow at a phenomenal rate of 8 per cent between 2010 and 2050
No 1: India Since 1991, when economic liberalization unshackled India from the slow rate of growth and threw its doors open to the global economy, India has never looked back. The Knight Frank report assumes that India will shake off its current crop of social, political and economic issues and go on to the top of the heap.
No 2: China It should come as no surprise that China is second in this list of the biggest GDPs by 2050. The country’s growth in the past two decades has been nothing short of a miracle. Having already gone past Japan as the world’s second largest economy it is threatening the position of the US as the world’s preeminent economy and will overtake it in 2020. But eventually growth will be slower than India who will overtake it by 2050
No 3: US The current economic superpower will continue to be in the top three in terms of GDP. But at a less that $40 trillion it will be half that of China, which will be at $80 trillion. For all its woes, the US will remain an important economic superpower due to its insatiable domestic consumption, innovation capabilities and technological prowess.No 4: Indonesia One of the fastest growing economies in the world, Indonesia will emerge as the world’s fourth largest economy by 2050. Its inclusion may come as a surprise, but the main reason is the country’s large natural resources reserves and being an emerging economy it has huge potential for growth. The current government has encouraged private investment: both private and foreign to boost economic growth. This trajectory will continue with the economy growing at 6.8 per cent on an average till 2050.
No comments:
Post a Comment