India overtakes the UK become the 5th largest economy in the world

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India overtook the United Kingdom (UK) to become the 5th largest economy in the world because the UK faced a heavy economic recession. India, on the other hand, is growing by more than 7% in 2022.

On September 4, 2022, reporters reported that India has overtaken the United Kingdom (UK) to become the fifth largest economy in the world according to the International Monetary Fund (IMF) Gross Domestic Product (GDP), behind the United States, China, Japan and the United States. Germany (according to Bloomberg News). The Indian economy toppled the UK from its position in the last three months of 2021, a decade ago. India is ranked 11th among the largest economies. while the UK ranks fifth.

The change in the rankings comes at a time when the UK is about to get a new prime minister. It is reported that the UK rankings have dropped. Due to the rising cost of living in the country As of August 2022, the United Kingdom is experiencing inflation. Consumer prices have been in double-digit (10.1%) numbers for the first time since 1982, where the drop in ratings poses a challenge for former Prime Minister Boris Johnson's successor.

The new prime minister must urgently deal with the growing risks of an economic recession. According to Bank of England (BOE) data, recession risk could last until 2024.

India's economy, on the other hand, is expected to grow by more than 7% in 2022, when Indian stocks have rebounded sharply. to maintain its 2nd position in the Morgan Stanley Capital International (MSCI) Emerging Markets Index, second only to China.

India's gross domestic product (GDP) grew the fastest in the year. In the April-June quarter, it was 13.5%, driven by a good base and strong growth in farm, service, construction and consumption industries. (January-March FY22) India's GDP grew 4.1%, according to data published by the Ministry of Statistics and Project Implementation (MoSPI).

Kotak Mahindra Bank CEO Ude Kotak posted on Twitter on September 3, 2022 that it was a proud moment for India. that can surpass colonial rulers like the United Kingdom It became the 5th largest economy in the world, with India's economy of $3.5 trillion. Compared to the United Kingdom, $3.2 trillion