1. India's GDP grew by 7 percent year-on-year6%, surpassing China and the United States, ranking first among the top ten economies.
Recently, the third-quarter GDP data of the world's top 10 economies have been released. In line with previous expectations, China's GDP grew 4.0% year-on-year in the third quarter9%, compared to 2 percent in the United States8%。While China's figure is slightly higher than that of the United States, India's GDP growth rate is surprisingly high at 76%, surpassing China and the United States, ranking first among the top 10 economies. India has maintained a strong growth momentum since the beginning of this year, with GDP growth reaching 7.2 percent year-on-year in the first three quarters1%, which is impressive.
However, it is worth mentioning that while India has performed well in terms of year-on-year GDP growth, its GDP is still far behind that of China and the United States. India's GDP in the first three quarters reached 2At 6 trillion US dollars, it is the fifth largest economy in the world. Although the gap is large compared to China and the United States, it may only be a matter of time before India overtakes Japan to become the fourth largest economy as the economy continues to grow.
There are two main reasons why India's economy has been able to maintain such excellent growth: the demographic dividend and the development of the manufacturing industry. First of all, India has a large young population, with a large proportion of young people between the ages of 20 and 30. This means that India can take advantage of the demographic dividend to achieve rapid economic growth. Secondly, in recent years, some developed countries have moved their production plants to India to reduce labor costs. This has allowed India's manufacturing industry to grow rapidly. According to statistics, India's manufacturing growth rate in the third quarter was as high as nearly 14%.
On the other hand, India's year-on-year GDP growth may have some exaggerated factors. Due to India's statistical methodology, some data that do not meet internationally accepted standards are also accounted for in GDP growth. For example, the construction of a thatched hut would also be included as part of GDP, which may make India's GDP growth rate somewhat artificially exaggerated. However, in the long run, if India is to continue to grow at a high speed, it must work infrastructure development and improving the quality of its young workforce.
Looking ahead, China's economic growth momentum is expected to strengthen further if the Fed stops raising interest rates, the RMB exchange rate appreciates, and exports** return to normal. This will further narrow the gap between China and the United States in terms of GDP scale. China's GDP growth is expected to exceed expectations again next year, showing that China's economy has strong growth potential and stamina.
In summary, India's GDP growth rate reached 76%, surpassing China and the United States to become the frontrunner among the top 10 economies. India's rapid growth is mainly due to the demographic dividend and the development of the manufacturing industry. However, we should also be aware that the way India counts GDP can have a certain exaggerated effect. In the future, with the continuous growth of China's economy and the advantages of the U.S. economy, the gap in GDP scale will be further narrowed. In any case, the global economic landscape is constantly changing, and each country has its own development advantages and challenges. Only by deepening reform, focusing on innovation and improving overall quality can we maintain sustained growth and global competitiveness.