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France back at No.6 in GDP rankings, India slips to No.7 again

France has replaced India to retain its spot as the sixth largest economy in the world. But the scenario could reverse next year.

Mudit Kapoor | November 22, 2018 | Updated 14:30 IST
France back at No.6 in GDP rankings, India slips to No.7 again

France has reclaimed the spot of the sixth largest economy in the world, pushing India to the seventh spot again. As per IMF's October numbers, the French economy is valued at $2.79 trillion and Indian economy at $2.69 trillion.

But the scenario could reverse next year. The IMF estimates that India would again be the sixth largest economy by GDP in 2019, valuing at $2.95 trillion. France's economy in 2019 is expected to be at $2.84 trillion.

In July this year, a World Bank report stated that the Indian economy had become the world's sixth-biggest, pushing France to seventh spot.

India's GDP was valued at $2.59 trillion at the end of 2017, while the French economy stood at $2.58 trillion.

As of 2018, the top ten economies of the world are: US $20.51 trillion followed by China at second spot with $13.45 trillion, Japan at $5.07 trillion, Germany at $4.03 trillion, UK at $2.81 trillion, France at $2.79 trillion, India at $2.69 trillion, Italy at $2.09 trillion, Brazil at $1.91 trillion and Canada at $1.73 trillion.

According to IMF's projections for 2019, India is likely to be the fifth largest economy in the world surpassing both the UK and France.

The International Monetary Fund (IMF) has predicted India to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019. The IMF has predicted the world's economy to grow at 3.9 per cent over the next year.

In a new report titled "The World in 2050," consulting firm PwC projects that India would be the second largest economy in the world with a share of 15 per cent in the world economy. India is predicted to surpass the US economy by the year 2040. This would make India the second largest economy in the world after China.

India is currently the fastest growing economy of the world . But, India witnessed slowdown in six successive quarters beginning from June 2016.

The reasons for slowdown have been attributed to the increase in oil prices, demonetisation and introduction of goods and services tax (GST).

France, on the other hand, had experienced virtual zero growth between 2012 and 2014, with the French economy expanding by 0 per cent in 2012, 0.8 per cent in 2013 and 0.2 per cent in 2014.

French economy's growth picked up in 2015 when it posted a growth of 0.8 per cent and a growth of 1.1 per cent for 2016, to a growth of 2.2 per cent for 2017. Currently French economy is growing at 2.1 per cent in 2018.

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