The rapid growth of the Indo-Pacific has shifted the center of gravity of the economy to the east for decades, and trade patterns have shifted as they move, he said.
Currently, India is ranked 8th among the largest importers with a 2.8% import share and is expected to become the 4th largest importer by 2030. With a 3.3% share, it ranks fifth on the scale of the world economy. India’s GDP is projected to be the fourth largest economy beyond Germany by 2030.
According to the UK Department for International Trade’s World Trade Outlook, India will be the third largest importer after China and the United States, accounting for 5.9% of world imports by 2050. Due to the rapid growth of the Indo-Pacific, the center of gravity of the economy has shifted east for decades, and trade patterns have shifted as they move.
“The US and EU shares in most import sectors are expected to decline until 2030, as the growing purchasing power of the Asian middle class explains the rising share of global import demand. , Especially in the food, travel and digital services sectors, where the increasingly wealthy population of the Indo-Pacific is expected to consume more discretionary goods and services, “the document states.
“Between 2019 and 2050, 56% of global growth is expected to come from the Indo-Pacific, compared to a quarter of the EU and North America combined. Growth in the Indo-Pacific region is also time. It is expected that the balance will be restored over time, and the contribution of South Asia (led by India) is increasing. “
China is a major driver of this eastern economic shift as it is expected to become the world’s largest economy by 2030. China has already replaced the United States in the mid-2010s with purchasing power parity (PPP) terms (explaining differences in local prices). .. However, changes are expected to occur around 2030, based on more relevant market exchange rates for trade. “At that point, both countries will account for about 22 percent of world GDP,” the report said.
“The role of emerging economies in the trading system will rise over time, in line with the growing weight of emerging economies in the global economy,” the report added.
Fiber2Fashion News Desk (DS)
India will be the third largest importer by 2050: UK world trade outlook
Source link India will be the third largest importer by 2050: UK world trade outlook