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will India be the largest economy by 2050?

Filed in archive Global Economy by tj on July 23, 2004

I always though China will be the first one to overtake the US economy in size according to the common sense of predictions, but now I see this (pdf):

"India would emerge as the world's largest economy by 2050, Associate Editor of London-based leading daily Financial Times, Martin Wolf, has predicted. This on the back of leading international investment banker Goldman Sachs' BRIC (Brazil-Russia-India-China) report which had projected India as a potential winner ahead of China augurs well for the country. Speaking to UNI, Chief Economics Commentator, Wolf said that India would overtake the US and China by 2025 in terms of real GDP growth and would become the largest economy by 2050. Wolf who is also a visiting fellow of Nuffield College (Oxford University) and a special professor at the University of Nottingham was in Mumbai last evening to deliver a talk organized by Bombay Chamber of Commerce and Industry (BCC&I). ''India could achieve a sustained growth of 8 per cent a year or more with a higher national savings"


Another look on Google shows that the common sense is more India will be third behind China and the US. But even this is hard to believe being in India nowadays...




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