According to the most recent S&P Global Market Intelligence study, India is expected to overtake Japan as the world’s third-largest economy by 2030, demonstrating its rapid ascent to prominence in the global economy. India’s GDP is expected to double, from $3.5 trillion in 2022 to $7.3 trillion by the end of this decade, according to the S&P research.
“This rapid pace of economic expansion would result in the size of the Indian GDP exceeding Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region,” the report states,” the S&P Global Market Intelligence report said.
As a result of the country’s promising long-term growth potential, the research credits India’s economic growth to a considerable acceleration of foreign direct investment inflows over the previous 10 years.
Urban household incomes are rapidly rising, and a youthful demographic profile are among the factors driving this expansion. India already outperformed the UK and France in terms of GDP by 2022. India’s GDP is predicted to overtake Germany’s by 2030.
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According to the International Monetary Fund’s projections, Japan is expected to fall from third to fourth place in the world rankings based on the US dollar this year as Germany surpasses its nominal GDP.
As new orders decline for the first time since January and work backlogs sharply shrink, the data highlights the continued slowdown of the global economy and signals weakness that could lead to challenges in the months ahead.
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Source: ZEE NEWS|
