According to the latest projections by British consultancy multinational PwC, ‘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. India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head. It is therefore all but certain to continue to rise in the global GDP league table in the coming decades. India should return to a healthy growth rate of 7.6 per cent in 2019-20 if there are no major headwinds in the global economy such as enhanced trade tensions or supply-side shocks in oil’.
PwC’s annual Global Economy Watch projects real GDP growth in 2019 of 7.6 per cent for India 1.6 per cent for the UK, and 1.7 per cent for France. The report noted that while Britain and France have regularly switched places owing to similar levels of development and roughly equal populations, India’s climb in the rankings is likely to be permanent.