India has now become the fifth largest economy surpassing the UK, in the final three months of 2021, India outpaced the UK to become the fifth-largest economy. According to GDP data from the International Monetary Fund, which are based in US dollars, India increased its lead in the first quarter.
Calculations are based on US dollars, and India extended its lead according to the International Monetary Fund's first quarter GDP figures, according to Bloomberg report.
India now trails behind the United States, China, Japan and Germany in terms of economy. A decade ago, India’s rank was 11th among the world’s largest economies.
Britain's decline in the world rankings is an unfavorable backdrop for the next prime minister. On Monday, members of the Conservative Party will elect a successor to Boris Johnson, Secretary of State Liz Truss is expected to defeat former Finance Minister Rishi Sunak in the runoff.
Country Nominal GDP Annual Growth(%)
United States $23.0 5.7%
China $17.7 8.1%
Japan $$4.9 1.6%
Germany $4.2 2.9%
*United Kingdom $3.2 7.4%
*India $3.2 8.9%
France $2.9 7.0%
Italy $2.1 6.6%
Canada $2.0 4.6%
South Korea $1.8 4.0%
(The above data represents the top 10 Economies on September 1 2022, India's and UK data have changed)