India is expected to beat the United Kingdom in the world's largest economy rankings in 2019, according to consultancy firm PwC, which said in a recent report that while the United Kingdom and France have regularly switched places because of similar levels of development and roughly equal populations, India's climb up the rankings is likely to be permanent.
PwC's Global Economy Watch report projects real gross domestic product (GDP) growth of 1.6 per cent for the United Kingdom, 1.7 per cent for France and 7.6 per cent for India in 2019.India is expected to beat the United Kingdom in the world's largest economy rankings in 2019, according to consultancy firm PwC, which said in a recent report that while the United Kingdom and France have regularly switched places because of similar levels of development and roughly equal populations, India's climb up the rankings is likely to be permanent.#
"India and France are likely to surpass the UK in the world's largest economy rankings in 2019, knocking it from fifth to seventh place in the global table," the report said.
Without any major headwinds in the global economy like enhanced trade tensions or supply side shocks in oil, India should return to a healthy growth rate of 7.6 per cent in 2019-20, it said.
Overall, the global economy is likely to slow in 2019 as G7 countries return to long-run average growth rates, the report said.
PwC expects that the pick-up in growth of most major economies seen between the end of 2016 and the beginning of 2018 is now over. (DS)
ALCHEMPro News Desk – India
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