India will overtake Japan and Germany in nominal GDP by 2028; emerge world’s third-largest economy

New Delhi, November 14: Over the next decade, India will overtake Japan and Germany in nominal GDP and is likely to achieve strong growth by 2028. India will also emerge as the world’s third-largest economy stated the Bank of America Merrill Lynch in a report titled, India 2028.

 

According to the report, India has already emerged as the second largest BRIC economy after China by overtaking Brazil and Russia. By 2019, India will also overtake France and Britain to emerge as the world’s fifth largest economy.

This assumes that the Indian economy witnesses a 10 percent (in nominal US GDP) growth in the next decade which is well ahead of Japan's 1.6 percent. The Bank of America Merrill Lynch has reported the country's real GDP growth at the potential of 7 percent.

In terms of Nominal GDP, the USA is the world’s largest economy with $19.42 trillion U.S. economy is 25% of the gross world product followed by the China which has $11.8 trillion’s economy. The Japan is in the third rank followed by Germany, the UK, and India with a nominal GDP of $2.45 trillion.