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India to become fifth-largest economy by 2020

Last updated on: December 27, 2011 16:12 IST

India to become fifth-largest economy by 2020

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Brazil now has a bigger economy than the United Kingdom, making the world's sixth-largest economic power, according to the Centre for Economics and Business Research.

The London-based consultancy forecast the trend was set to continue, with Russia and India expected to overtake Europe's other major economies, France and Germany, by 2020.

Let us have a look at world's top 10 projected economies, according to CEBR.

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Image: Russia, India will overtake France and Germany.
Photographs: Courtesy, Wikipedia Commons

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1. The United States

Rank (2011): 1

Forecast rank (2020): 1

According to the International Monetary Fund, the US GDP of $15.1 trillion constitutes 22 per cent of the gross world product at market exchange rates and over 19 per cent of the gross world product at purchasing power parity.

Though larger than any other nation's, its national GDP is about five per cent smaller than the GDP of the European Union at PPP in 2008.

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Image: Verrazano-Narrows Bridge, connecting Brooklyn and Staten Island.
Photographs: Courtesy, Wikipedia Commons

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India to become fifth-largest economy by 2020

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China

Rank (2011): 2

Forecast rank (2020): 2

It has been the world's fastest-growing major economy, with consistent growth rates of around 10 per cent over the past 30 years. China is also the largest exporter and second-largest importer of goods in the world.

The country's per capita GDP (PPP) was $7,544 (International Monetary Fund, 94th in the world) in 2010. The provinces in the coastal regions of China tend to be more industrialized, while regions in the hinterland are less developed.

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Image: A pedestrian-only section of East Nanjing Road in Shanghai.
Photographs: Courtesy, Wikipedia Commons

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Japan

Rank (2011): 3

Forecast rank (2020): 3

The economy of Japan, a free market economy, is the third largest in the world after the United States and the People's Republic of China, and ahead of Germany at fourth.

According to the International Monetary Fund, the country's per capita GDP was at $33,805 or the 24th highest in 2010.

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Image: A view of Shinjuku and Mount Fuji taken from Bunkyo Civic Centre.
Photographs: Courtesy, Wikipedia Commons

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India to become fifth-largest economy by 2020

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Germany

Rank (2011): 4

Forecast rank (2020): 7

Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP in 2008.

Since the age of industrialisation, the country has been a driver, innovator, and beneficiary of an ever more globalised economy.

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Image: Inner old town at early dusk as seen from the Mary's Bridge in Dresden.
Photographs: Courtesy, Wikipedia Commons

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France

Rank (2011): 5

Forecast rank (2020): 9

France is the world's fifth-largest economy by nominal figures and the ninth largest economy by PPP figures.

It is the second-largest economy in Europe (behind its main economic partner Germany) in nominal figures and third largest economy in Europe in PPP figures (behind Germany and the United Kingdom).

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Image: Basilica of Notre-Dame de Fourviere on the hill, Lyon.
Photographs: Courtesy, Wikipedia Commons

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Brazil

Rank (2011): 6

Forecast rank (2020): 6

Brazil has moderately free markets and an inward-oriented economy. Its economy is the largest in Latin American nations and the second-largest in the western hemisphere.

Brazil is one of the fastest-growing major economies in the world with an average annual GDP growth rate of over five per cent.

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Image: The National Congress Building in Brasilia.
Photographs: Courtesy, Wikipedia Commons

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The United Kingdom

Rank (2011): 7

Forecast rank (2020): 8

The United Kingdom's GDP per capita is the 20th highest in the world in nominal terms and the 17th highest measured by PPP.

The British economy comprises (in descending order of size) the economies of the countries of England, Scotland, Wales and Northern Ireland.

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Image: The City of London.
Photographs: Courtesy, Wikipedia Commons

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Italy

Rank (2011): 8

Forecast rank (2020): 10

Italy has a diversified industrial economy with high gross domestic product per capita and developed infrastructure.

According to the International Monetary Fund, the World Bank and the CIA World Factbook, in 2010 Italy was the seventh-largest economy in the world and the fourth-largest in Europe in terms of nominal GDP, and the 10-largest economy in the world and fifth-largest in Europe in terms of purchasing power parity GDP.

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Image: The central building of University of Milan.
Photographs: Courtesy, Wikipedia Commons

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Russia

Rank (2011): 9

Forecast rank (2020): 4

Russia has an abundance of natural gas, oil, coal, and precious metals. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy to a more market-based and globally integrated economy.

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Image: Red Square in Moscow.
Photographs: Courtesy, Wikipedia Commons

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India

Rank (2011): 10

Forecast rank (2020): 5

India recorded the highest growth rates in the mid-2000s, and is one of the fastest-growing economies in the world. The growth was led primarily due to a huge increase in the size of the middle class consumer population, a large workforce comprising skilled and non-skilled workers, good education standards and considerable foreign investments.


Image: Rashtrapati Bhawan in New Delhi.
Photographs: Courtesy, Wikipedia Commons

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