India is expected to overtake Britain and France next year to become the fifth largest economy in the world in terms of dollars, a report said Tuesday.
The 2018 World Economic League table of the Center for Economics and Business Research (Cebr) has painted an optimistic picture of the global economy, boosted by low prices for energy and technologies .
The rise of India is part of a trend that will see Asian economies increasingly dominate the 10 largest economies over the next 15 years.
"Despite temporary setbacks … The Indian economy has caught up again with that of France and the United Kingdom and will edge ahead in 2018 to become the world's fifth largest economy in terms of dollars," said Douglas McWilliams , vice-president of Cebr. . McWilliams said India's growth had been slowed by restrictions on high-value banknotes and a new sales tax, a view shared by economists polled by Reuters.
China is expected to overtake the United States as the world's largest economy in 2032, said Cebr.
"Because the impact of President Trump on trade has been less severe than expected, the United States will retain its global crown a year longer than expected in the latest report," the report said.
While Britain seems to be lagging behind France over the next two years, Cebr predicted that the effects of Brexit on the British economy would be less feared, allowing it to overtake France by 2020.
Russia was vulnerable to low oil prices and overly dependent on the energy sector, and looked set to fall to 17th among the world's largest economies by 2032, passing from the 11th to the present day.
According to a poll conducted by Reuters with economists in late October, global economic growth in 2018 is expected to increase slightly to 3.6% from 3.5% this year – with upside risks.