"Bloomberg"India overtakes UK to become world’s fifth largest economy

India has pushed the UK a step back to become the world’s fifth largest economy, another blow to the UK government, which is struggling with a severe cost-of-living shock.

The former British colony has rebounded in the last three months of 2021 to become the world’s fifth largest economy, according to Bloomberg data, according to GDP data released by the International Monetary Fund. India also continued its progress in the first quarter of this year.

Britain’s fall in the international rankings came at an inopportune time for a new prime minister to be elected to succeed Boris Johnson on Monday, according to the report. A new winner, whether it be Liz Terrace or Rishi Sunak, will lead a government facing the highest inflation in four decades and growing risks of a recession that the Bank of England predicts could last until 2024.

On the contrary, the Indian economy is expected to grow by more than 7% this year.

Source: Al-Khalij newspaper.

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