Global economic growth is slated for a slight hike from 3.5% to 3.6% in 2018 as per a Reuter’s poll of economists conducted in the month of October 2017. Another report by the name of 2018 World Economic League Table published by The Centre for Economics and Business Research (CEBR) Consultancy had some good news for the country. It stated that India was likely to move ahead of the UK and France, and take the fifth slot for being the world’s largest economy in terms of dollars in 2018. It had an optimistic outlook for the global economy heightened by cheap technology and energy rates.
Douglas McWilliams, CEBR Deputy Chairman was quite upbeat on the status of Indian economy, which he added had slackened a bit due to its impactful economic reforms like demonetization and a new national sales tax (GST). His view was seconded by economists who were part of a Reuter poll.
It is being viewed that the next 15 years will see Asian economies filling the top ten slots for being the world’s largest economies. CEBR further added that after the UK and France, it would be the United States that will possibly be overtaken by China for becoming the top world economy in 2032. The United States will hold its world crown for one more year than what was expected in the preceding report mainly because of lesser impact of President Trump’s policies on trade.
France will take lead in its race with the UK in the following few years; however, due to the lesser impact of Brexit on the UK economy, UK will take charge over France around 2020. As for Russia, it most probably will fall to 17th place from its current 11th position among the largest economies of the world by 2032. Its excessive reliance on energy sector and vulnerability to oil prices will largely be responsible for a fall in its position.