Mumbai, July 24: GDP, or Gross Domestic Product, is a key economic indicator that measures the total monetary value of all goods and services produced within a country's borders during a specific period, reflecting its economic performance. GDP plays a crucial role as it provides a comprehensive measure of a country's economic activity and performance. It serves as a significant tool for policymakers, investors, businesses, and citizens to assess economic conditions, make informed decisions, formulate policies, etc.
The global economy, which looks fine on the surface, is taking a hit after a hit due to various factors such as economic slowdown, international trade, monetary and fiscal policies, natural calamities, geopolitical conflicts, etc. Various economic surveys forecast the global real GDP to grow by 2.6 percent in 2023, down from 3.3 percent in 2022, expecting a further slowing to 2.4 percent in 2024. Economic growth is moderating under the weight of still-high inflation and monetary policy tightening. Amid this, International Monetary Fund (IMF) and Goldman Sachs have made GDP projections for the year 2075 for countries like India, the US, China, Russia and others. Let's take a look. World Inflation Rate 2023 List: India Among Countries With Less Than 5% Inflation Rate, Inflation in Pakistan at 38%; Know Where US, Russia, UK and Others Stand.

India Second Largest Economy by 2075:

According to the projection, India is expected to attain the position of the world's second-largest economy, following China, by 2075. This achievement will be fueled by robust services exports, advancements in innovation and technology, and a conducive environment encouraging private sector capital expenditure, Goldman Sachs said in a research report. India's current GDP stands at $3.737 trillion. According to the report, the GDP of India will expand to $5.5 trillion in the year 2028 and take a high jump to become $52.5 trillion by the year 2075.

Where Does Others Stand:

According to GDP projections by the IMF and Goldman Sachs, China's economy is set to rise from $19.374 trillion in 2023 to $27.4 trillion in 2028, reaching $57 trillion by 2075, surpassing the US, which will see steady growth, reaching $32.3 trillion in 2028 and $51.5 trillion by 2075. Germany, the UK, and Japan will also experience growth, with Germany's GDP reaching $5 trillion by 2028 and $8.1 trillion by 2075, the UK's GDP reaching $4.2 trillion by 2028 and $7.6 trillion by 2075, and Japan's GDP reaching $5.3 trillion by 2028 and $7.5 trillion by 2075. World's Most Expensive Cities for Renting: Mumbai Has Highest Rent for 1-Bedroom Apartment in India, New York Tops Global List; Check Where Islamabad, London and Other Metros Stand.

Russia and France are expected to see moderate growth, with Russia's GDP reaching $2.2 trillion by 2028 and $6.9 trillion by 2075 and France's GDP reaching $3.3 trillion by 2028 and $6.5 trillion by 2075. Saudi Arabia is anticipated to experience significant growth, with its GDP reaching $1.2 trillion by 2028 and $6.1 trillion by 2075.

During the January-March quarter of 2022-23, India's economy experienced noteworthy growth, with a GDP growth rate of 6.1%, directly a result of performance in agriculture, manufacturing, mining, and construction sectors, taking the nation to an annual growth rate of 7.2%. As a result of this robust growth, the Indian economy reached a milestone, reaching $3.3 trillion, and has set the stage for pursuing the ambitious target of reaching $5 trillion in the upcoming years.

(The above story first appeared on LatestLY on Jul 24, 2023 06:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).