India, the third largest global importer by 2050

India could become the world’s third largest importer by 2050, according to a recent report UK Department of International Trade. With a share of 5.9% of global imports for that year, the country will become the third largest importer, After China and the United States.

India is currently ranked eighth In the list of the most important importing countries with a share of 2.8%. According to the report global trade prospects, The giant will rise in the global ranking to fourth place in 2030, with the participation of 3.9% of total imports all over the world.

According to this report, among the products that will record the largest import volumes, one of food, travel and digital services, The larger and richer populations of the Indo-Pacific region are expected to consume more of these types of goods. In fact, this region of the world for years acquired greater economic importance, taking it from the West and causing the commercial and consumption patterns of its inhabitants to be engulfed in a process of gradual change.

specific, By 2050, 56% of global growth is expected to come from the Indo-PacificCompared to 25% in the European Union and North America combined.

One of the main reasons why this area is becoming more important economically is due to China’s rapid progress. By 2030, it is certainly expected to become the largest economy in the world, having displaced the United States, and both countries account for 22% of global GDP.

On the other hand too India is expected to jump into the third largest economy in the world by 2050, with a 6.8% share of global GDP and surpassed Germany in 2030. Currently, India is the fifth The world’s largest economy, accounting for 3.3% of global GDP.

In this context, it is expected that the E7 group, The seven largest emerging economies (China, India, Brazil, Russia, Indonesia, Mexico and Turkey), will match the G7’s share of global import demand by 2050. Indeed, in the first two decades of this century, average labor productivity growth was three times faster in the seven largest emerging economies than in the G7. As a result, the G7’s share of global GDP has fallen from 65% in 2000 to 46% in 2020, while E7’s share increased from 11% to 28%. Over the next 30 years, labor productivity growth at E7 is expected to grow at roughly twice the rate of G7, and that E7 will outpace G7 in overall economic size through 2030.