India will overtake the United Kingdom and France and will become the fifth largest economy in the world next year, according to a report published on Tuesday.
The Asian country, currently in seventh position, will reach the fifth place in 2018 and will jump to the third by 2032, according to the Center for Economics and Business Research (CEBR), a consultancy based in London.
“Despite the temporary setbacks […] India’s economy reached those of the United Kingdom and France, and by 2018 it will have surpassed both to become the fifth largest economy in the world,” said CEBR Vice President Douglas McWilliams. .
The Indian economy collapsed 5.7% in the second quarter of the year, but recovered slightly, up to 6.3%, in the third.
Cheap energy and the digital revolution will be the main economic drivers worldwide, according to the report. Global growth will be dominated by Asian economies, particularly India, China and Japan.
According to the same report, China will overtake the United States as the world’s largest economy in 2030.