World Economic League Table 2016:
Highlights of WELT Report :
India could become the world’s third largest economy after 2030 and its ascension could see France and Italy kicked out of the exclusive G8 group or its membership increased to 10 to accommodate India and Brazil.
China will overtake the US as the largest economy in the world in 2029 with the US slipping to second place and India close behind at third.
India’s projected GDP in 2030 was $10,133 billion, behind America’s $32,996 billion and China at the top with a projected GDP of $34,338 billion.
India will become the largest economy in the Commonwealth in 2019 when its economy overtakes the British economy.
India is finally starting to catch up with China and will eventually overtake the Communist-giant in the second half of the century.
Britain will move up to take fourth spot and Brazil will complete the top five.
Europe’s third and fourth largest economies will be replaced by India and Brazil in the G8 over the next 15 years
The UK meanwhile is set to become the best performing economy in the western world over the next 15 years, boosted by its leading position in global software and IT sectors.
Italy – currently 8th in the global league table – is also going through tough times.
Since joining the euro in 2000, GDP growth has remained flat, making it the slowest growing economy of any major developed nation.
Europe’s largest economy, Germany, will maintain its position in the world’s leading economies as its declining population receives a welcome boost of a 1.5 million refugees and migrants .
WELT Report in Detail:Slower Chinese GDP growth and a weaker currency mean that China is now forecast to overtake the US in 2029 compared with 2025 in last year’s forecasts.
Japan has the weakest forecast growth of all major economies and is likely to be overtaken by both the UK and Germany during the 2030s.
Germany’s population is likely to be over a million larger than we assumed last year because of migration, from Syria especially. As a result, its GDP is no longer likely to be overtaken by the UK by 2030.
India is now starting to catch up with China and will eventually overtake in the second half of the century.
Korea is overtaking most of the European countries and will be one of the world’s top 5 economies at some point in the 2030s.
Russia is likely to face a persistent decline down the league table and also face exclusion from the G-8.
Oil and commodities based economies are forecast to do worse than previously expected.
The world’s fastest growing region over the next 15 years is likely to be Central Asia. Its share of the global economy is forecast to have more than tripled since the start of the new millennium, from 2.8% in 2000 to 9.9% in 2030. The world’s slowest-growing region is likely to be Western Europe, with its share of the global economy falling by 42% over the same period.
By 2030, Belarus, Sri Lanka, Kenya and Ethiopia will enter the top 60 world economies for the first time in the modern era.
International bodies are likely to have to change their membership to reflect the changing balance of economic power.
If relative GDP levels are the main criterion for membership of the G-8, by 2030 Italy, France and Russia are likely to be kicked out while India, Korea and Brazil force themselves in.
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