The report offered a more sour prediction for the United States and China post-pandemic, however, projecting that the communist nation - the source of the global pandemic - will overtake the United States as the world's largest economy by 2028, five years earlier than expected before the coronavirus crisis.
India is going to topple UK, Germany, and Japan to become the third most valued economy by 2035. As per the report, China is now forecast to overtake the U.S. economy in 2028, five years earlier than previously thought.
It also said the pandemic's impact on the global economy was likely to show up not in slower growth but in higher inflation. But the average Chinese person will remain far poorer in financial terms than the average American even after China becomes the world's biggest economy, given that China's population is four times bigger.
Now the fifth-biggest economy by the CEBR's measure, The United Kingdom, would slip to sixth place from 2024. However, forecasts predict that the India economy shall expand by 9 percent in 2021 and by 7 percent in the year 2022.
In a report released earlier this month, the Organisation for Economic Co-operation and Development predicted China will be the only country to see growth this year, at 1.8 percent, and will speed up to 8 percent in 2021. It said though Covid-19 delivered a major blow to the Indian economy, it was losing momentum due to fragile banking system.
Province records 518 new COVID-19 cases, with decrease in active cases
Since the start of immunizations, 8,178 people have received their first dose of the the Pfizer-BioNTech COVID-19 vaccine. Twelve more people also died of the virus, bringing B.C.'s death toll to 808 since the pandemic began.
"Slowing growth has been a outcome of a confluence of factors including fragility in the banking system, adjustment to reforms and a deceleration of global trade", it said. It said "The COVID-19 pandemic and corresponding economic fallout have certainly tipped this rivalry in China's favor". However, it equates to around 10 deaths per 100,000, significantly lower figure than much of Europe and the Americas.
The think-tank stated that India's agricultural sector was the driving force behind the country's recovery.
The world economy after pandemic is completely different than envisioned earlier.
As the manufacturer of the majority of the world's vaccines and with a 42-year-old vaccination programme that targets 55 million people each year, India is better placed than many other developing countries to roll out the vaccines successfully and efficiently next year.
"The infrastructure bottlenecks that exist in India mean that investment in this area has the potential to generate significant productivity gains". Beijing is now expected to overtake the U.S. by 2028, as opposed to 2033, a United Kingdom think tank said in its latest report.