India is set to become the third largest economy in the world by 2030, according to latest estimates by a PricewaterhouseCoopers (PwC) report. The London-headquartered accountancy giant said the rapid rise of the Indian economy with its young workforce would push it up from being the 10th largest economy in 2013 to the third largest by 2030, pushing the UK back into sixth place.
‘In the longer run, other emerging markets may overtake the UK but only India looks set to do so before 2030 as per our latest projections,’ PwC said in its latest economic outlook. China, the world’s second largest economy, is expected to close the gap with America by 2030, while Mexico is predicted to be the 10th largest economy by 2030, above Canada and Italy, both G7 nations.
Only a couple of years ago there were forecasts that Britain would rapidly become a second class economic power and would defer to the BRIC countries of Brazil, Russia, India and China. China has ranked above Japan for a decade.
By some calculations Brazil leapfrogged the UK in 2012, with Russia and India close behind. Russia will close the gap on the top eight but its reliance on the oil and gas industry for growth and its rapidly ageing population will prevent it jumping up the table as quickly as previously thought.
Only India will move ahead of the United Kingdom by 2030, though it will be sharing a projected gross domestic product (GDP) of $6.1 trillion among more than 1.5 billion people, only half as much again as the UK’s predicted output of $4 trillion, produced by a population less than a 20th the size.
‘In the longer run, other emerging markets may overtake the UK but only India looks set to do so before 2030 as per our latest projections,’ PwC said in its latest economic outlook. China, the world’s second largest economy, is expected to close the gap with America by 2030, while Mexico is predicted to be the 10th largest economy by 2030, above Canada and Italy, both G7 nations.
Only a couple of years ago there were forecasts that Britain would rapidly become a second class economic power and would defer to the BRIC countries of Brazil, Russia, India and China. China has ranked above Japan for a decade.
By some calculations Brazil leapfrogged the UK in 2012, with Russia and India close behind. Russia will close the gap on the top eight but its reliance on the oil and gas industry for growth and its rapidly ageing population will prevent it jumping up the table as quickly as previously thought.
Only India will move ahead of the United Kingdom by 2030, though it will be sharing a projected gross domestic product (GDP) of $6.1 trillion among more than 1.5 billion people, only half as much again as the UK’s predicted output of $4 trillion, produced by a population less than a 20th the size.