According to the PTI report, the Indian economy has shown remarkable resilience and consistent growth throughout 2023, building on the substantial economic expansion experienced in 2021 and 2022.
The report added that the Projections indicate that India’s Gross Domestic Product (GDP) is poised to achieve a growth rate of 6.2-6.3 percent in the fiscal year ending in March 2024. This places India as the fastest-growing major economy for the current fiscal year. Notably, India’s economy exhibited robust growth, expanding by an impressive 7.8 percent during the April-June quarter.
The forecast underscores India’s remarkable economic trajectory, positioning it to potentially surpass Japan in the global economic rankings by 2030. This transition highlights India’s emergence as a significant economic player on the world stage, driven by sustained growth and a promising outlook for the years ahead.
Meanwhile, Germany’s economy is poised to overtake Japan’s as the world’s third-largest in 2023, a development driven in part by a decline in the value of the yen against the dollar and the euro. According to The Times of India report, the International Monetary Fund (IMF) projects that Germany’s nominal gross domestic product (GDP) will reach $4.43 trillion this year, surpassing Japan’s $4.23 trillion. This shift is attributed to various factors, including differences in monetary policies among major central banks.
The IMF’s projections signal more consistent long-term growth in Germany, which could be a cause for concern in Japan. Japanese policymakers are considering measures to counter their economic challenges. Yasutoshi Nishimura, Japan’s economy minister, acknowledged that Japan’s growth potential has lagged and remains lackluster. They aim to regain ground lost over the past few decades through measures such as an upcoming economic stimulus package.
The IMF’s data highlights a stark contrast in living standards between the two nations, with the average gross domestic product per person in Germany projected at $52,824, significantly higher than Japan’s $33,950.
