The Centre for Economics and Business Research (CEBR) from the United Kingdom has predicted that the Indian economy will become the world’s third-largest by the year 2031. In the year 2022, India is set to regain its sixth position in World Economic League Table (WELT) from France, as per CEBR.
In the year 2020, India’s GDP had witnessed a contraction of 7.3% due to the COVID-19 pandemic and subsequent lockdown leading to constraints on economic activity. India has witnessed a large scale spread of infections and has the third-highest death toll worldwide, behind US and Brazil. However, with the help of emergency aid and prompt measures taken by the Indian government, the country has recovered from the second wave of COVID-19.
In Global Scenario:
The annual league table also predicted that China will overtake the US to be the largest economy in 2030 (two years later than the forecast in 2021). The world economy is set to surpass $100 trillion for the first time in 2022.
The World Economic League Table 2022 shows the economic forecasts for 191 countries to 2036:
|Ranking out of 191 countries||2021||2022||2026||2031||2036|
Important takeaways for all competitive exams:
- Center for Economic and Business Report (CEBR) Chairman: Martin Piers;
- Center for Economic and Business Report Headquarters: London, United Kingdom.