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News:The UK-based Centre for Economics and Business Research (CEBR) has released a report titled ‘World Economic League Table 2020’.
Facts:
About the report:
- The World Economic League Table is an annual calculation by Centre for Economics and Business Research (CEBR) jointly published by CEBR and Global Construction Perspectives.
- The base data for 2019 is taken from the IMF World Economic Outlook.
Key takeaways from the report:
- India is expected to overtake Germany to become the fourth-largest economy in 2026 and Japan to become the third largest in 2034.
- India is also set to reach a gross domestic product (GDP) of USD 5 trillion by 2026.This is 2 years later than the Indian government’s target of 2024.
- India has decisively overtaken both France and the UK to become the world’s fifth-largest economy in 2019.
- However,the report has also said that the US and China will continue to play a dominant role in the global economy despite the rapid growth of countries like India and Indonesia.
