GUWAHATI: Arun Jaitley, India's Union Finance Minister said that India was expected to surpass Britain next year to become world’s fifth largest economy. Nevertheless, “This year, in terms of size, we have overtaken France. Next year we are likely to overtake Britain. Therefore, we will be the world’s fifth largest economy,” he said on Thursday in New Delhi.
Notably, the United States has the largest economy in the world at $20.4 trillion, according to data from the International Monetary Fund (IMF), which shows the US economy increased from around $19.4 trillion last year.
China follows, with $14 trillion, which is an increase of more than $2 trillion in comparison to 2017. Japan is in third place with an economy of $5.1 trillion, up from $4.87 trillion a year previously.
Stating that other economies in the world were growing at a much lesser rate, “India had the potential to be among the top three economies of the world in the next 10-20 years” Jaitley said.
Earlier, the Mayor of London’s economic development agency said the Indian economy was growing very fast and Britain was making efforts to forge closer relations with India in very practical ways.
Currently, the world’s biggest economies are, the United States with 20.4 trillion, China with 14 trillion, Japan with 5.1 trillion, Germany with 4.2 trillion, United Kingdom with 2.94 trillion, France with 2.93 trillion, Indian with 2.85 trillion, Italy with 2.18 trillion, Brazil with 2.14 and Canada with 1.8 trillion.