South Korean media: India announces GDP surpassing Japan, will enter top three globally by 2030!
On January 27, South Korean media "Newspim" published an article stating that the Indian government announced that India's economy surpassed Japan last year, becoming the world's fourth largest economy. The Indian government also predicts that by 2030, India's economy will surpass Germany and rise to the third position in the world.
The Indian government announced in its recently released annual economic report that its gross domestic product (GDP) reached approximately $4.18 trillion, surpassing Japan to become the world's fourth largest economy.
The report also predicts that if the current trend continues, by 2030, India's GDP will reach $7.3 trillion, ranking third in the world, second only to the United States and China.
India's actual GDP growth rate in the third quarter of last year was 8.2%. This growth rate exceeded the previous quarter's 7.8%, setting the highest growth rate in six quarters.
The Indian government pointed out that this "reflects the resilience of the Indian economy even amid ongoing global trade uncertainties. Domestic dynamics centered around strong private consumption have played a key role in supporting this growth. The Indian economy is currently in a rare golden period, characterized by high growth and low inflation."
The report also cited predictions from several global institutions.
The World Bank predicts India's economic growth rate will be 6.5% in 2026, while Moody's predicts a growth rate of 6.4% in 2026 and 6.5% in 2027. India will continue to maintain its position as the fastest-growing economy among the G20.
The International Monetary Fund (IMF) predicts growth rates of 6.6% and 6.2% for last year and this year respectively, while the Organization for Economic Co-operation and Development (OECD) predicts a growth rate of 6.7% last year and 6.2% this year.
The report states: "India is one of the fastest-growing major economies in the world and has a solid foundation to maintain this growth. With economic growth, structural reforms, and social development as a solid foundation, India is striving to become a middle-income country by 2047—the centenary of its independence."
According to the latest data from the World Bank, India's per capita GDP in 2024 was $2,694. This is about 1/12 of Japan's ($32,487) and 1/20 of Germany's ($56,103).
Meanwhile, according to the International Monetary Fund data, India surpassed the UK in 2022 to become the fifth largest economy in the world.
Original: toutiao.com/article/1855455624448012/
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