India is set to overtake the United Kingdom and France to become the world’s fifth largest economy next year, a report said Tuesday. Currently ranked seventh, India will move up to fifth place in 2018 and vault to third spot by 2032, the Centre for Economics and Business Research, a London-based consultancy, said in its annual rankings. “Despite temporary setbacks… India’s economy has still caught up with that of France and the UK and in 2018 will have overtaken them both to become the world’s fifth largest economy in dollar terms,” said CEBR deputy chairman Douglas McWilliams. The world’s growth will be dominated by Asian economies, including India, China and Japan. The United States, the world’s largest economy, will be overtaken by China in 2030, the report forecast, adding India would take that spot “at some time in the second half of this century”.

Source: The Guardian December 26, 2017 14:37 UTC