India is the fifth largest economy in the world. According to IMF estimates, India could reach the top three by 2027. But looking at the situation in Japan and Germany, it seems that India will not have to wait that long.
New Delhi: There is good news for India on the economic front. Currently, India is at fifth position in the list of the world’s largest economies but it is expected to reach the third position soon. The reason for this is that Japan and Germany are struggling on the economic front while India’s economy is growing at rocket speed.
According to recent data from Japan, the country may slip from third to fourth position while Germany may come at third position. At one time, Japan came close to overtaking America, but in the 1990s, its economy came to a standstill. Today China is also going through the same situation. Germany is the largest economy in Europe but it too is struggling on many fronts. In contrast, Bharat is the fastest growing among the major economies in the world. Last year, India’s economy grew the fastest and according to IMF, the same is expected for the next two years.
It is believed that in 2023, Germany’s economy will surpass Japan’s in dollar terms. But the economic situation of Germany is also not good. Inflation is at its peak in Europe’s largest economy, energy prices are skyrocketing and growth has come to a standstill. The number of elderly people in the population of Japan and Germany is increasing, natural resources are decreasing and they are facing tough competition in car exports.
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According to IMF data, Bharat is expected to overtake Japan in 2026 and Germany in 2027. But due to the situation in Japan and Germany, India is expected to overtake these countries soon. According to Forbes, America is currently the world’s largest economy with $27.974 trillion. China is at second place with $18.566 trillion, Germany at third place with $4.730 trillion and Japan at fourth place with $4.291 trillion. Bharat is the fifth largest economy in the world with $4.112 trillion.
India vs Japan/Germany
The population of Japan is decreasing rapidly. The population in the country has been continuously decreasing since 2010. On the other hand, Germany is facing labor crisis. On the contrary, India overtook China last year in terms of population. The population in India is expected to continue to grow for the next few decades. More than two-thirds of the country’s population is of working age. Due to this, it is expected that more products will be produced in the country. Apart from this, it is expected that technological innovation will also increase in the country. This is a situation when the senior population is increasing rapidly and the population is decreasing in most of the countries of Asia. That means India will benefit from the demographic dividend.
