India to overtake UK in world's largest economics ranking
New Delhi : It would be a proud moment for all Indians when they will see the country's name in the top list of world's largest economies. It is likely that India will overtake the UK in the rankings of world’s largest economies, amid Britain’s potential exit from the European Union, according to a recent prediction by Pricewater house Coopers (PwC).
"India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head. It is therefore all but certain to continue to rise in the global GDP league table in the coming decades."
As per the survey of PwC, the global economy is expected to slow in 2019 as G7 countries return to long-run average growth rates,
"The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. This phase is now over, and in 2019 we expect the G7 economies to return to growth rates close to their long-run averages," the report said.
India will witness an economic growth of 7.6 percent in 2019 whereas UK will settle at 1.6 percent if the country manages to deal with the no-deal Brexit in March. Moreover, India is also going to move up from seventh to the fifth position in the coming years, reported Reuters citing the PwC projections on global economic trends.
On the other side, the UK, which was positioned as the fifth largest economy in the world in 2018 by the IMF will move down to seventh place in the rankings, behind India and France.
However, the prediction warns about the upcoming challenges that Britain is going to face once it steps out of the European Union.
Meanwhile the government of the UK has assured that it will be a global leader once the make an exit from EU.