India is set to become the third-largest economy in the world by 2030, according to a latest report by global audit firm PricewaterhouseCoopers (PwC).
The London-headquartered accountancy giant said the rapid rise of the Indian economy with its young workforce would push it up from being the 10th-largest economy in 2013 to the third largest by 2030, pushing the UK back into the sixth place.
“In the long run, other emerging markets may overtake the UK, but only India looks set to do so before 2030 according to our latest projections,” according to PwC’s latest economic outlook.
China, the world’s second largest economy, is expected to close the gap with America by 2030, while Mexico is predicted to be the 10th largest by 2030, above Canada and Italy, both G7 nations.
Only a couple of years ago there were forecasts that Britain would rapidly become a second-class economic powerhouse and would need to defer to the BRIC countries — Brazil, Russia, India and China — in the near future.
China has ranked above Japan for a decade as the world’s second-biggest economy. By some calculations Brazil leapfrogged the UK in 2012, with Russia and India close behind.
Only India will move ahead of the UK by 2030, though it will be sharing a projected GDP of $6.1 trillion among more than 1.5 billion people, only half as much again as the UK’s predicted an output of $4 trillion, produced by a population less than 20th the size.
The London-headquartered accountancy giant said the rapid rise of the Indian economy with its young workforce would push it up from being the 10th-largest economy in 2013 to the third largest by 2030, pushing the UK back into the sixth place.
“In the long run, other emerging markets may overtake the UK, but only India looks set to do so before 2030 according to our latest projections,” according to PwC’s latest economic outlook.
China, the world’s second largest economy, is expected to close the gap with America by 2030, while Mexico is predicted to be the 10th largest by 2030, above Canada and Italy, both G7 nations.
Only a couple of years ago there were forecasts that Britain would rapidly become a second-class economic powerhouse and would need to defer to the BRIC countries — Brazil, Russia, India and China — in the near future.
China has ranked above Japan for a decade as the world’s second-biggest economy. By some calculations Brazil leapfrogged the UK in 2012, with Russia and India close behind.
Only India will move ahead of the UK by 2030, though it will be sharing a projected GDP of $6.1 trillion among more than 1.5 billion people, only half as much again as the UK’s predicted an output of $4 trillion, produced by a population less than 20th the size.
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