India will become third largest economy by 2037,Report

The Centre for Economics and Business Research (CEBR), a British consultancy, has said India will become the third-largest economy by 2037 from the current fifth spot. In its annual World Economic League Table, the Centre for Economics and Business Research said that over the next five years, India's annual rate of GDP growth is expected to average 6.4 percent after which growth is expected to average 6.5 percent in the subsequent nine years. CEBR also adds that by 2037, the world gross domestic product will be doubled as developing economies will catch up with the richer ones.

The shifting balance of power will see the East Asia and Pacific region account for over a third of global output by 2037, while Europe's share shrinks to less than a fifth. It said, on the other hand, the global economy will face recession in 2023 mainly due to rises in interest rates by the central banks to arrest higher inflation. In its annual World Economic League Table, it said the global economy surpassed 100 trillion Dollars for the first time in 2022 but will stall in 2023 as policymakers continue their fight against soaring prices.