London:The UK’s global economic power is waning as the Indian economy expands.
Britain is set to drop out of the world’s five largest economies based on gross domestic product in nominal terms, according to International Monetary Fund estimates published this week.
India is set to leapfrog Germany to rank fourth globally by 2022, pushing the UK down to sixth place behind its European peer. The slide in Britain’s relative size comes as the nation sets out to redefine its trading relationship with the rest of the world after Brexit.
The rankings also highlight India’s rapid rise, with the economy expanding 9.9% per year. By contrast, the IMF projects the UK will grow just 2% this year and 1.8% in 2018, impeded in part by “the negative effects of the United Kingdom’s decision to leave the European Union.” Bloomberg