London 3rd September : Britain has dropped behind India to become the sixth-largest economy according to Bloomberg.India overtook the UK from its position in the last three months of 2021, transforming into the fifth largest economy.
The calculation is made in US dollars and India increased its lead in the first quarter of 2021, according to data on GDP from the International Monetary Fund.
This news is an additional attack on the British government in London while it wrestles with the dreadful cost of living shock, Bloomberg reported.
The IMF’s own projections indicate India surpassing the UK in dollars on a per-year basis this year, making the Asian powerhouse ahead of only the US, China, Japan and Germany.Ten years ago, India ranked 11th among the top economies, while the UK was ranked 5th.
The country’s slide down international rankings is a gruelling setting for the next Prime Minister.Conservative Party members choose Boris Johnson’s successor on Monday with Foreign Secretary Liz Truss expected to beat the former the Chancellor of the Exchequer Rishi Sunak in the run-off.
The winner will be able to take over the country that is experiencing the highest inflation in more than four decades and increasing risk of recession which is predicted by the Bank of England says may be in place until 2024.
Contrary to this to the other countries, India’s Indian economy is predicted to grow by more than 7 percent this year.
A world-class recovery in Indian stocks in the last quarter has seen their weighting climb to the second position in the MSCI Emerging Markets Index, which is just behind China’s.
The calculations were based on the IMF database and historical exchange rates from Bloomberg.Bloomberg terminal.
The UK is likely to have sunk further in the past.UK GDP only grew by 1 percent in dollars in the second quarter, and after adjustment for inflation, it fell 0.1 percent.Sterling has also performed poorly against the dollar in relation to the rupee with the pound dropping eight percent against the Indian currency in the year.
khz/
.
