India slips to 7th largest economy in 2018: WB

  1. According to World Bank data, India has slipped to the 7th position in the global GDP rankings in 2018. As per earlier data, India was on the 6th position in 2017. India in 2018 had a GDP of $2.5 trillion.
  2. US was the largest economy with a GDP of $20.5 trillion in 2018, followed by China, Japan and Germany. UK and France have secured rank 5th and 6th respectively.
  3. According to experts, the movement of the Indian rupee against the dollar was the reason for India slipping to 7th position.
  4. Recently, CRISIL has cut India’s GDP growth forecast to 6.9% for the financial year 2019-20.
  5. United Nations (UN) in its World Economic Situation and Prospects (WESP) report has also lowered India’s GDP growth in 2019-20 to 7.1% from its estimate of 7.5%.