11:24 - 8.04.2024

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April 8, Fineko/abc.az. India may overtake China in terms of economic growth by 2028, ABC.AZ reports, referring to Bloomberg.

According to forecasts by Barclays and other investment banks, India may become the engine of global economic growth instead of China during the next five-year term of Prime Minister Narendra Modi (the country's general elections will be held in May).

Bloomberg Economics estimates are more optimistic: in the baseline scenario, by the end of this decade, India's economic growth rate will accelerate to 9%, and China's will slow down to 3.5%. Under the most pessimistic scenario, which assumes the growth of the Indian economy by 6.5%, India will be able to overtake China in 2037.

Now India's GDP is $3.5 trillion, and China's - $17.8 trillion. China's economy grew by 5.2% year-on-year in the fourth quarter of 2023. India's GDP in the third fiscal quarter (October-December) grew by 8.4% compared with the same period of the previous year.