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India drops to 7th largest economy in 2018: World Bank

India drops to 7th largest economy in 2018: World Bank

World Bank data for 2018 reveals that India has been pushed to the Seventh place in the global GDP rankings with the UK and France going ahead to the fifth and sixth spots.

India recorded a GDP of $2.73 trillion in 2018, which is less than that of the UK and France, which had a GDP of $2.82 trillion and $2.78 trillion respectively in the same year. India’s GDP in 2018 shows a growth of mere 3.01% in dollar terms in 2018, as against 15.72 percent in 2017.

According to economists, India has slipped to the 7th place in Global GDP ranking due to currency fluctuations and a slowdown in economic growth. The change in ranking comes in after India had emerged as the sixth-largest economy in the 2017 report, it then pushed France to the seventh place in the global GDP league standings.

The United States remains the top spot with a GDP value of $20.5 trillion in 2018. The American nation was followed by China ($13.6 trillion), Japan ($4.9 trillion) and Germany ($3.9 trillion).

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