Tuesday, 20 September 2011

India to topple Japan as world's 3rd-largest economy

India is all set to take the advantage of an Earthquake stressed economy, Japan. India as per 2010 numbers is a number 4 economy after US, China and Japan. The Japan recently had badly been hit by the earthquake and thus the demand and supply both sides of the economy has been hit, and on the other hand strong growth of Indian economy of around 7-8% has led economists to predict that India would be the third largest economy in the world during Year 2011.

Numbers from 2010 show that the Japanese economy was worth $4.31 trillion, with India snapping at its heels at $4.06 trillion.  "India should overtake Japan in 2011 to become the third-largest economy in the world at purchasing power parity," said Sunil Sinha, head of research and senior economist at Crisil. IMF forecasts show India and Japan neck-to-neck in 2011, but the disaster in Japan has brought the event forward. "Were it not for the earthquake and tsunami, India would have overtaken Japan in around 2013-14," said Sinha.
According to the University of Pennsylvania PPP world tables, India has already moved ahead of Japan in 2010. The size of the Indian economy is expected to reach almost $5 trillion by the end of 2011.


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