INDIA OVERTAKES THE UK TO BECOME THE FIFTH-LARGEST ECONOMY IN THE WORLD

 

India overtook Britain on Saturday to become the world's fifth-largest economy. In the first quarter, the UK economy behind India in terms of GDP, according to data from the International Monetary Fund (IMF). Ten years ago, the UK had the fifth-largest GDP, while India had the twelfth-largest.

Just before the UK is poised to choose a new Prime Minister, the rankings have altered. Reports claim that the UK's declining ranking is due to the country's exorbitant cost of living.

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The country experienced double-digit consumer price inflation last month (10.1%) for the first time since 1982. The challenges facing Boris Johnson's successor are made more challenging by the drop in rank.

Reports indicate that former Chancellor of the Exchequer Rishi Sunak would probably lose the election for prime minister to Foreign Secretary Liz Truss.

The UK is increasingly in danger of entering a recession, making this the most urgent problem that has to be resolved by the next prime minister. Recession risks are expected to exist through 2024, according to the Bank of England.

The Indian economy, however, is projected to grow by more than 7% this year. Indian stocks experienced a spectacular comeback and now trail Chinese stocks in the MSCI emerging markets index.

Using an adjusted basis and the dollar exchange rate on the last day of the relevant quarter, the Indian economy had a "nominal" cash value of $854.7 billion. Using the same data, Bloomberg estimated that the UK was worth $816 billion.

The second quarter GDP growth in the UK was purportedly 1% in cash terms, however after taking inflation into account, that growth was only 0.1%. The pound plummeted in 2022, losing 8% of its value in comparison to the Indian rupee.

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