Global Consultancy firm Pwc believes that in 2019, India could be behind the UK and become the world’s 5th largest economy. In 2017, India had surpassed France and secured sixth position. In the ranking of the global economy, America is number one, China second and Japan third place. Currently the UK is at the fifth position, but the decision to exit Brejgit is adversely affecting his economy.
India can retain ranking for a long time(India Economy 2019)
According to Pwc, the population of France and Britain is almost equal, but in the case of development, both are alike. Because of this, both of them often retreat each other, but after coming to number 5, India can retain its ranking for a long time. If there was no major turmoil in the global economy and the supply of oil was good, then India’s GDP is expected to be 7.6% in 2019-20. Meanwhile, Britain’s GDP growth is expected to be 1.6%, France’s 1.7%.
PWC’s senior economist Mike Jackman says that at present India is the world’s fastest growing economy. Favorable demographics with population strengthens India. They say that the policies of India’s new government and the GST will help in accelerating the growth rate. On the other hand, there was a decrease in Britain’s growth rate in 2018 and 2019. Poor weakness against the euro will also harm him.
Global slowdown in 2019
Experts of PwC believe that global recession is expected to continue in 2019, as G-7 countries are seeing average growth rate. The agency believes that the global glance between the beginning of 2018 and early 2013 has now stopped. GDP of the world’s largest economies is likely to be around the average in 2019.
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