India could eclipse Japan in terms of GDP in 2029 to become the world’s third-largest economy, the Japan Center for Economic Research says, as the urban population and tech industry propel growth in the country, reports the Nikki Asian Review.
India’s economy, presently about half the size of Japan’s, is destined to touch approximately $10 trillion by 2035, according to JCER’s latest annual Medium-Term Forecast on Asian Economies. Japan’s GDP was estimated at $4.9 trillion by the World Bank in 2018.
The populations of Mumbai and New Delhi are anticipated to jump by more than 40% over the 20-year period ending in 2035. Mumbai will emerge the fourth-largest city globally in terms of residents, with New Delhi ranking fifth.
The growth of India’s startup businesses will fuel the nation’s economy as well. Indian cities host nearly 10% of 115 unlisted startups globally that offer encouraging growth prospects but have valuations below $1 billion.
JCER forecasted the GDP in 2035 for 81 major cities in 15 nations and regions. Five U.S. cities ranked near the top in the estimates, with New York taking the No. 1 spot. Tokyo came in second, while Osaka was projected as No. 10.
No Chinese city made the 2015 rankings in terms of GDP. But for 2035, JCER calculated that Shanghai will rise to fourth place while Beijing and Shenzhen will rank fifth and seventh, respectively.
Via: Nikkei Asian Review