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Business & Finance

China to become world’s leading economy by 2024, India to claim the third spot

  • India, which was nowhere in the picture in 2008 is expected to become the third-largest global economy by 2024, shifting Japan to the fourth spot.
16 Jul 2020

Marching its way towards economic domination, China is all set to surpass the United States to become the world’s largest economy by 2024.

As per the analysis of Statista, one of the world’s leading statistical database, using projections from the World Bank and the International Monetary Fund (IMF), the world would go through a continental shift in 2024 at least economically, as the US which has been the dominant economic power in the world for over 70 years would be overtaken by China by 2024.

However, one of the biggest economic shifts in the graph is the entries of India and Indonesia into the list of top 10 biggest economies in the world. India, which was nowhere in the picture in 2008 is expected to become the third-largest global economy by 2024, shifting Japan to the fourth spot.

Similarly, Indonesia, the South East Asian country, is also projected to become the world's fifth-largest country in terms of GDP by 2024.

Among other countries to make a jump economically is Russia, the country that was in an economical mess in the 1990s soon after the disintegration of the USSR is projected to make rapid gains and is expected to become the sixth-largest world economy by 2024.

The graph represents a shift of economic power from Europe to Asia with five of the globe’s the six biggest economies by 2024 are expected to be Asian countries.

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