India to surpass Germany and Japan to become world's third largest economy by 2034

WION Web Team New Delhi, Delhi, India Dec 30, 2019, 03.40 PM(IST)

File photo. Photograph:( Reuters )

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India's ascent is part of a trend that will see Asian economies increasingly dominate the top 10 largest economies over the next 15 years.

UK based the Centre for Economics and Business Research (Cebr) consultancy's 2020 World Economic League report on Monday said that India looks set to surpass Germany to become the fourth-largest economy in 2026 and Japan to become third-largest in 2034.

According to the report India has decisively overtaken both France and the UK to become the world’s fifth-largest economy in 2019. It is expected to overtake Germany to become fourth-largest in 2026 and Japan to become the third-largest in 2034. India is also set to reach a GDP of $5 trillion by 2026 – 2 years later than the current government target.

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In a report issued on December 26, 2019, the CEBR consultancy's 2020 World Economic League Table painted an upbeat view of the global economy, boosted by energy and technology prices.

India's ascent is part of a trend that will see Asian economies increasingly dominate the top 10 largest economies over the next 15 years.

“Despite the rapid ascent of countries such as India and Indonesia, it is striking how little an impact this will have on the US and China’s dominant roles in the global economy, " the report said.

In its previous years' reports the CEBR has also stated that that China is likely to overtake the United States as the world's no.1 economy in 2032.

(With inputs from agencies)