India has slipped down to the 7th place in the global GDP rankings of 2018, reveals data compiled by the World Bank. According to the 2017 World Bank report, India had become the fifth largest economy, displacing UK and France.
- According to the 2018 data, the UK and France once again moved ahead of India to reclaim their 5th and 6th spots respectively in the global GDP rankings.
- The United States continues to top the list with a GDP of USD 20.5 trillion, followed by China at second place with GDP of USD 13.6 trillion and Japan at third place with a GDP of USD 5 trillion.
- India recorded a GDP of USD 2.73 trillion in 2018, which is less than that of the UK and France, which had a GDP of USD 2.82 trillion and USD 2.78 trillion respectively in the same year.
- The drop in India’s position on the global GDP table reflects the slump in India’s overall economic growth. India’s GDP in 2018 shows a growth of mere 3.01 percent in dollar terms in 2018, as against 15.72 percent in 2017. On the other hand, the UK’s GDP grew by 6.81 percent and France’s economy expanded by 7.33 percent.