CEBR says in 2018 India will be fifth-largest economy

London: India set to bounce Britain and France next year in 2018 to become world’s fifth-largest economy in dollar terms, a report from CEBR said on Tuesday. The CEBR (Centre of Economics and Business Research) the consultancy’s 2018 World Economic League Table seen upbeat of global economy boosted by cheap energy and technology prices with India’s  a part of trend that will see Asian economies increasingly dominate the top 10 largest economies over the next 15 year.

As the Douglas Mc Williams, CEBR deputy Chairman said “Despite temporary setbacks.. India’s economy has still caught up with that of France and the UK and in 2018 will have overtaken them both to become the world’s fifth largest economy in dollar terms”. He said India growth had been slow by restriction on demonetization and GST, a view shared by economists polled by Reuters.

While China is likely to overtake the US as the world’s No.1 economy in 2018 said CEBR report.

As for US the report said” Because the impact of President Trump on trade has been less severe than expected, the USA will retain its growth crown a year longer than we anticipated in the last year”.

However Britain and France certainly to lag back over the couple of years, CEBR predicted that Brexit effects on Britain’s economy will be less than feared, allowing it to overtake France again by 2020.

Russia was exposed to low oil prices and too reliant on the energy sector, and look likely to fall to 17th place among the world’s largest economies by 2032, from 11th now. A report conducted by Reuter’s poll economists in late October suggest global economic growth in 2018 looks likely to quicken slightly to 3.6 % from 3.5 % this year with risks to that forecast lying on the upside.