PwC predicts India to become 3rd largest economy by 2020
23 Jan 2010
India will become the third largest economy in the world by 2020, according to PricewaterhouseCoopers, one of the world's leading audit firms.
According to a PwC report release yesterday, the top 10 economies by 2030 will be China, the US, India, Japan, Brazil, Russia, Germany, Mexico, France and Britain.
John Hawksworth, PwC's London-based head of macroeconomics, also predicted China will overtake the US to become the world's largest economy as early as 2020.
China is likely to be some way ahead of the US by 2030, the report said.
It is also predicted that China's share in global GDP will be 19 per cent by 2030, while the proportion for the US and EU will be 16 per cent and 15 per cent, respectively.
The combined gross domestic product of the Emerging Seven (E-7) - China, India, Brazil, Russia, Mexico, Indonesia and Turkey - will be around 30 per cent higher by 2030 than that of (G-7) - the US, Japan, Germany, France, the UK, Italy and Canada - Hawksworth said.