BANKING & FINANCE
Sponsored Links
India to overtake Japan as third largest economy by 2028: BofAML
As per a recent report by Bank of America Merrill Lynch (BofA-ML), by 2028, India is likely to overtake Japan as world’s third largest economy, in terms of nominal gross domestic product (GDP).i. This projection is based on the assumption that Indian economy will grow at 10% rate in US dollar terms over the next 10 years, ahead of Japan’s 1.6% growth rate.
ii. Besides, the report has forecasted that India will become a world’s fifth largest economy (ahead of France and United Kingdom) by 2019.
iii. The report has outlined three strong growth drivers for Indian economy which will significantly increase the size of Indian economy. First one being falling dependency ratio (unproductive population in the 0-14 and over-65 age group), which should raise saving and investment rates.
iv. Second driver is financial maturity, due to financial liberalisation and inclusion which should continue to lower lending rates for new enterprises and expansion of current businesses.
v. Third dirver is increasing incomes and affordability which will prove as a feeder for emergence of mass markets.
Sponsored Links
Quick Facts about Bank of America Merrill Lynch (BofA-ML):
♦ Founded in – 2009
♦ Business Area – Corporate and investment banking division of Bank of America
♦ Headquarters – New York, US
♦ Current CEO – Patricia Wyatt