India is likely to overtake Japan as Asia’s second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the U.K. to rank as the world’s No.3, IHS Markit said in a report on Friday.
“India’s nominal GDP… is forecast to rise from $2.7 trillion in 2021 to $8.4 trillion by 2030,” IHS Markit said. “This rapid pace of economic expansion would result in the size of Indian GDP exceeding Japanese GDP by 2030, making India the second-largest economy in the Asia-Pacific region.” By 2030, the Indian economy would also be larger in size than the largest Western European economies of Germany, France and the U.K.
The long-term outlook for the Indian economy is supported by a number of key growth drivers.
“An important positive factor for India is its large and fast-growing middle class, which is helping to drive consumer spending,” IHS Markit said, forecasting that the country’s consumption expenditure will double from $1.5 trillion in 2020 to $3 trillion by 2030.
Labour shortages in Japan overshadow economic recovery
phnompenhpost.com – Jan 10
Despite a gradual improvement in Japan’s economic conditions, a labour shortage is slowly starting to bite in industries such as restaurants and manufacturing in which many people decided to switch jobs while on furlough amid the Covid-19 pandemic.
Toyota takes crown from GM as world’s No. 1 in sales
dailynews.com – Jan 05
Toyota Camry, take a bow. Prius, bask in the limelight. Strong demand for those models helped propel the Japanese carmaker onto the throne as the world’s largest auto seller – at least for the first quarter of 2007.
Japan Eager To Promote Femtech To Support Working Women
Arab News Japan – Jan 04
Japan’s industry ministry is stepping up support to companies helping working women with “femtech” products and services, which utilize advanced technologies to address women’s health problems.
Japan business leaders voice resolve to tackle key growth challenges
Kyodo – Jan 02
The leaders of Japan’s major business organizations on Saturday expressed their resolve to address pressing challenges facing the country to support growth in 2022, ranging from digitalization and decarbonization to regional revitalization and deregulation.
The complexity of investing in Japan
hellosolar.info – Dec 31
About a year ago Berkshire Hathaway, Warren Buffett’s company, decided to invest 5% in Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo, all commercial agents, which put Japan in the crosshairs of mutual fund managers.
Leave a Reply