- Emerging markets are expected to grow faster than developed economies, and India is likely to become the third largest economy by 2030 in the world after China and the United States.
- According to the Economist Intelligence Unit (EIU), developing countries such as China and India are likely to overtake current global leaders such as the US, Japan and Western Europe.
- China is expected to overtake the United States in 2026 in nominal GDP in US dollar terms and maintain its position as the largest economy to 2050.
- India is expected to move up the rankings to third place, with real growth averaging close to 5 per cent up to 2050.
- Other emerging markets, such as Indonesia and Mexico, would rank among the top ten economies at market exchanges rates by 2050, overtaking economies such as Italy and Russia.
- The growth of China and India by 2050, they will each be richer than the next five (Indonesia, Germany, Japan, Brazil, and the UK) put together.
- This will represent a scale of wealth relative to the rest of the top ten that is unique in recorded history.
Source:The Economic Times