Where Data Tells the Story
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The growth of most highly developed countries has tapered off since the turn of the century. Meanwhile, two developing economies have continued their strong GDP growth: India and China. However, while the former is still projected to show significant real GDP growth over the remainder of this decade, the latter's economic upturn is expected to slow considerably, according to the most recent IMF World Economic Outlook from April 2025.
The People's Republic showed real GDP growth of 5.0 percent in 2024, but a recent Reuters report still gave a grim outlook due to a "deepening property crisis, mounting deflationary risks and tepid demand". With the country's population continuing to decline, experts are united in suggesting only a broad range of stimuli could help the country's economy out of its ongoing slump. The lack of said stimuli led the IMF to project China's real GDP growth to dip below four percent in 2029 and 2030.
On the other hand, India is projected to see constant growth of 6.5 percent over the next five years. As a result, India is projected to become the world's third largest economy by nominal GDP this year, overtaking Japan, and S&P Global even estimates that the country is set to move up to rank 3 beyond
India's economic success is not shared equally among Indians, however. In an opinion piece for Nikkei Asia published in December 2023, corporate economist and head of Indonomics Consulting Ritesh Kumar Singh illustrates how large companies prosper due to benefits, tax cuts and lackluster competition control, while smaller corporations are increasingly entangled in a tight bureaucratic net and households are subjected to ever-increasing economic pressures connected to rising taxes financing the previously mentioned corporate benefits.