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The size of India’s economy has overtaken Japan’s to become the fourth largest economy in the world in nominal terms, worth $4.34 trillion.
As bne IntelliNews reported, the emerging markets have all been growing in value in PPP adjusted terms (purchase power parity), but continue to lag behind the developed world in nominal GDP values. However, the emerging markets are catching up fast.
India saw its economy expand from $0.28 trillion in 1993 against Japan’s $4.54 trillion and soared to $4.43 trillion, while Japan’s economy shrank a little in size to $4.31 trillion.
In terms of per capita income, naturally, India still lags far behind Japan. However, when adjusted for PPP, India is already in third place globally and nearly three times larger than Japan.
China is currently in second place with a nominal GDP value of $19.2 trillion dollars, after world leader the US with $30.5 trillion, but China comfortably leads the world in PPP adjust terms with $40.7 trillion.
Both China and India are expect to overtake the US in nominal terms sometime around 2070 if the current growth pace is maintained.
|
Largest economies in the world |
|||
|
Rank |
Country |
Nominal GDP (2024, USD tn) |
PPP-adjusted GDP (2024, USD tn) |
|
1 |
United States |
30.51 |
30.51 |
|
2 |
China |
19.23 |
40.72 |
|
3 |
Germany |
4.74 |
6.16 |
|
4 |
India |
4.19 |
17.65 |
|
5 |
Japan |
4.18 |
6.74 |
|
Source: bne IntelliNews |
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