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

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.