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Leaps and Bounds

Mar/02/2024 / by Team Seema

Forecast: India will become the world’s third-largest economy by 2027

As prognostications go, this one’s not a stretch. Analysts at the investment banking firm Jeffries predict that India is poised to surpass Japan and Germany as the world’s third-largest economy by 2027, a significant jump from a decade ago, when India ranked as the world’s ninth-largest economy.

Recent data shows it has already risen into the fifth position, with a $3.4 trillion gross domestic product (GDP), a common indicator of an economy’s strength. The Jefferies forecast says that India’s GDP is expected to reach $5 trillion by 2027, aiming for nearly $10 trillion by 2030, projections based on the fast-growing population and increased domestic consumption and investments. A variety of reforms implemented under Prime Minister Narendra Modi’s leadership are also considered to be significant catalysts for economic growth in the country.

10 Largest Economies in the World

2022, BY COUNTRYGDP, CURRENT PRICES IN USD 2023, BY COUNTRYGDP, CURRENT PRICES IN USD
United States$25.5 trillionUnited States$26.9 trillion
China$17.9 trillionChina$17.7 trillion
Japan$4.2 trillionGermany$4.4 trillion
Germany$4.1 trillionJapan$4.2 trillion
India$3.4 trillionIndia$3.7 trillion
United Kingdom$3.1 trillionUnited Kingdom$3.3 trillion
France$2.8 trillionFrance$3 trillion
Russia$2.2 trillionItaly$2.2 trillion
Canada$2.1 trillionBrazil$2.13 trillion
Italy$2 trillionCanada$2.12 trillion
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