In 2028, India will surpass Japan to become the third largest economy in the world

According to a report of a foreign brokerage company, India is likely to achieve strong growth in the next 10 years, surpassing Japan by 2028, and becoming the third largest economy in the world.

India has surpassed Brazil and Russia to become the second largest BRIC economy after China, and is expected to surpass France and Britain after 2019 and become the fifth largest economy in the world.

A report by Bank of America Merrill Lynch (BoAML) on Monday said that by 2028, India’s GDP will exceed Germany and Japan. This prediction is based on the premise that the Indian economy will grow by 10% (US gross national product) in the next decade. This assumes that the economic growth rate of India in the next decade will be 10% (US GDP), which is much higher than 1.6% in Japan. India will surpass Germany and Japan in nominal GDP in the name of dollar.

U.S. brokerage firms conservatively expect that real GDP growth in the United States will reach 7%. In 2016, the Indian economy closed at 2.26 trillion US dollars. However, the report did not quantify the economic scale of 2028. By then, India will become the third largest economy in the world after China and the United States.