In this ranking of growing major economies, India has overtaken the US and China. The ranking has been done based on nominal GDP size. These economies have then been ranked in terms of the highest GDP growth rate for 2024 as projected by the International Monetary Fund (IMF) in its latest World Economic Outlook.
The IMF’s World Economic Outlook Update – July 2024 reveals that India is the fastest growing major economy. IMF has forecast that India’s economy will continue to prosper at 7% in 2024 and 6.5% in 2025. In terms of GDP, India currently stands as the world’s fifth largest economy and is positioning itself to become the third largest in the coming years.
Occupying the second position is China. China is the world’s second fastest growing major economy with a projected GDP growth rate of 5% in 2024 and 4.5% in 2025, according to the IMF. In nominal GDP terms, China is currently the world’s second largest economy.
