Will India overtake Japan in terms of GDP in the next 10 years!?06/03/2019
Hi, my name is Pasta and today I would like to share with you some data which shows that India might actually overtake Japan in terms of GDP in the next 10 years.
The data reported on the International Monetary Fund’s (IMF) World Economic Outlook show that in 2018 the top ten economies in the world by Gross Domestic Product (GDP) were in the following order:
Over the course of the next 5 years, this order is forecasted to change to the following:
Spot the change in order?
The countries that changed ranks are:
- India (7th → 5th)
- United Kingdom (5th -> 7th)
But is this the only insight? Is UK performing the worst?
Let's look at the % changes during the forecasted 5 years:
(The order of the countries from left to right is kept in the order of the GDP ranking for 2023, since it helps to get a perspective on the value change as well as the % change.)
This table shows that in fact the UK outperforms Italy and the growth % is similar to Japan.
Most of you might already know that China is expected to overtake the US, but did you know that India might overtake Japan in the next decade?
If India sustains this rate of growth and so do the other countries, this is quite possible. Over the next decade India could overtake both Germany and Japan after overtaking France and the UK and claim 3rd place in the global GDP ranking before 2030.
Thanks for reading and I hope you enjoyed it. I hope to write more short articles in the coming weeks, so keep an eye out for more articles from Udon Pasta.
To access the full data used for this article, please visit the IMF website: https://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD