The United Kingdom has dropped behind India to become the world’s sixth largest economy, delivering a further blow to the government in London as it grapples with a brutal cost-of-living shock.
India leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. The calculation is based on US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund.
The UK’s decline down the international rankings is an unwelcome backdrop for the new prime minister. Conservative Party members choose Boris Johnson’s successor on Monday, with Foreign Secretary Liz Truss expected to beat former Chancellor of the Exchequer Rishi Sunak in the run-off.
The IMF’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan, and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th.
