A British research organisation has predicted that India will “leapfrog” Britain and France to become the world's fifth largest economy in 2018, ahead of a major global economic shift towards Asia. Released by the Centre for Economics and Business Research (CEBR), the World Economic League Table (WELT) 2018 said that in dollar terms, India will rise from its seventh rank to overtake those European economies next year despite demonetisation and introduction of the Goods and Services Tax (GST).
CEBR deputy Chairman Douglas McWilliams said, “The World Economic League Table shows that despite temporary setbacks from demonetisation and the introduction of the new GST tax, India's economy has still catch up with that of France and the UK and in 2018 will have overtaken them both to become the world's fifth largest economy in dollar terms.” Projections by the report gave India the fifth spot a year ahead as compared to the International Monetary Fund estimates.
Currently, the world's largest economies are the US, China, Japan, Germany, France, Britain, and India as per the IMF. CEBR charts a trend of global economic shift to Asia. CEBR senior economist Oliver Kolodseike said, “The interesting trend emerging is that by 2032, five of the 10 largest economies will be in Asia, while European economies will be falling down the ranking and the US will lost its top spot.” CEBR expects Korea and Indonesia to join list of the world's top 10 economies, with Taiwan, Thailand, Philippines and Pakistan making the top 25 list.
Graham Robinson, director of Global Construction Perspectives said, “Construction's share of world GDP is to reach its highest level ever, driven by ultra large global transformational projects. The Chinese Belt and Road Initiative and the Indian infrastructural project will boost construction's share of world GDP to 15 per cent by 2032, probably the highest share of world GDP construction has seen since the pyramids or Great Wall of China were built.”
