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Thursday, July 25, 2024

India shows positive growth trends as world growth suppresses


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The global economy and its trends are changing rapidly, especially after the pandemic hit the world and the countries started coping up with the adverse effects of the same on their economies. In order to understand how the world is changing as far as economic growth is concerned, we need to have a look at the GDP estimates and forecasts of the major economies across the globe.

As mentioned in 30ne4 Capital’s new report, India- A Startups Nation, as per the 2023 estimate, if we talk about the OECD countries, the United States of America has a GDP of US$ 26.19 trillion, while that of EU22 is US$ 17.01 trillion. The GDP of Japan is US$ 4.37 trillion, and all the others stand at US$ 11.98 trillion, making the total 2023 GDP estimate of OECD countries to be US$ 59.55 trillion.

Next, as per the 2025 forecast for the OECD countries, the GDP of the USA is estimated to stand at US$ 28.05 trillion, that of EU22 at US$ 18.8 trillion, with Japan’s being US$ 4.81 trillion, and that of the other countries being US$ 13.13 trillion. This would make the total GDP of the OECD countries to be US$ 64.79 trillion.

Following this, it has been forecast that the GDP of the USA in the year 2033 will stand at US$ 33.53 trillion, that of EU22 at US$ 19.74 trillion, Japan’s at US$ 4.83 trillion, while that of the others will be US$ 16.10 trillion, making the OECD total US$ 76.2 trillion. Therefore, if we look at the Compound Annual Growth Rate (CAGR) of these regions of the world from 2022-2033, that of USA will be 2.50 percent, that of EU22 will be 1.50 percent, that of Japan will be 1.00 percent, and that of the others of the OECD group will be 3.00 percent.

Now, if we look at the Rest of the World (RoW) countries, the 2023 GDP estimate of China is US$ 19.24 trillion, and that of India is US$ 3.82 trillion, and that of the others in RoW is US$ 23.57 trillion. This makes the 2023 RoW total to be US$ 46.63 trillion. As of the 2025 GDP estimate, China will stand at US$ 22.40 trillion, with India being at US$ 4.55 trillion, and the others at US$ 26.30 trillion, taking the RoW total to US$ 53.25 trillion.

Lastly, as far as the 2033 estimates are concerned, China is expected to reach US$ 28.48 trillion, with India standing at US$ 7.51 trillion, and the others in RoW will be at US$ 34.89 trillion, making the total US$ 70.88 trillion. Hence, the CAGR during 2022-2033 for China will be 4.00 percent, for India it will be 7.00 percent, and for the other RoW countries, it will be 4.00 percent, and the total CAGR of the region will hence be 4.28 percent.

It is noteworthy here that the highest CAGR is projected to be that of India among all the major world economies.

If we look at 2023 alone, India, again, emerges as the positive outlier or exception among all the other major world economies with a suppressed growth rate. With the world’s growth projection for 2023 being 2.7 percent, that of the advanced economies is 1.1 percent. The growth projection of the USA is 1 percent, with the Euro region’s being 0.5 percent. Further, that of the UK is 0.3 percent, Japan, 1.6 percent, and that of the emerging market economies is 3.7 percent. China’s 2023 growth projection stands at 4.4 percent, and finally, the highest is that of India at 6.1 percent.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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