India overtakes UK to become world's fifth-largest economy

India overtakes UK to become world's fifth-largest economy

Daily Current Affairs   /   India overtakes UK to become world's fifth-largest economy

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Category : Business and economics Published on: September 05 2022

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  • India overtook Britain to emerge as the world’s fifth-largest economy, according to Bloomberg. 
  • The Indian economy toppled the UK from its position in the last three months of 2021.
  • India’s economy is projected to grow 7% this year while that of the UK struggles with high energy prices and rising consumer inflation.
  • The International Monetary Fund projected India overtaking UK this year, placing it just behind the US, China, Japan and Germany.
  • The change in ranking has pushed the United Kingdom to the sixth spot as the country continues to grapple under the brutal cost-of-living shack
  • The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.
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