India’s GDP exceeds that of the UK

FIGURE OF THE WEEK. In twenty years, the economy of the former British colony has risen from fifteenth to fifth place in the world.

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However, due to population differences, GDP per capita in India is nineteen times lower than in Great Britain.

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pAccording to calculations by the Bloomberg agency, based on IMF data and updated exchange rates, India has just deprived Great Britain, its former colonizer, of the fifth place it occupied in the ranking of world economic powers. India’s annual GDP is estimated at $3.53 trillion, compared to the UK’s at $3.38 trillion.

After an increase of 8.7% in 2021, according to IMF experts, India should see its GDP grow by 7.4% this year, which is more than double that of the UK (3.2%), but also China (3.3 %). During the second quarter of 2022, India registered a growth of 13.5% year-on-year. Due to population differences, however, GDP per capita today in India is nineteen times lower than that observed in the United Kingdom ($2,500 versus $47,000).

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The Indian economy ranked eleventh in the world ten years ago and fifteenth in 1990. According to forecasts by Cepii economists, thanks to the maintenance of strong growth (5.5% on average per year), India should continue to climb the global hierarchy over the next few decades. In 2050, it would be third after the United States (2e) and China (1D), but far ahead of Japan (4e) and Germany (5e) – France falls back to eighth place. On that date, India’s GDP ($27.4 trillion) would be five times that of Great Britain ($5.2 trillion).

Together, in 2050, China and India would represent about half of the world’s GDP. The two Asian giants would thus regain the weight they had before the start of the industrial revolution. In 1820, according to economist Angus Maddison’s calculations, China represented 32.9% of world GDP and India 16%.

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