‘India economy could pip U.S. on PPP by 2040’

‘India economy could pip U.S. on PPP by 2040’ The global economic order is expected to shift from advanced to emerging (उभरते) economies over the next few decades(दशकों), and by 2040 India could edge past the U.S. to become the world’s second largest economy in purchasing power parity (PPP) terms, according to a report. According to PwC, E7 economies comprising Brazil, China, India,

Indonesia, Mexico, Russia and Turkey would grow at an annual average rate of almost 3.5% over the next 34 years, compared(तुलना)  to just 1.6% for the advanced(विकसित)  G7 nations of Canada, France, Germany, Italy, Japan, the U.K. and the U.S.

“In fact, China has already overtaken the U.S. to become the world’s largest economy in PPP terms, while India currently stands in third place and is projected to overtake the U.S. by 2040 in PPP terms,” PwC said.

PwC opines Vietnam, India and Bangladesh would be three of the world’s fastest growing economies over this period.

“We will continue to see shift in global economic power away from established(कायम करना) advanced economies towards emerging economies,” PwC Chief Economist and co-author of the report, John Hawksworth said. “The E7 could comprise almost 50% of world GDP by 2050, while the G7’s share declines to only just over 20%.” — PTI