New Growth Projections Global Economy

Question: Discuss about the New Growth Projections Global Economy. Answer: Introduction: For a while now, India has been considered as an emerging superpower. For this reason, it has received substantial attention of its prospects of being a global leader in both academics and media. To a large extent, the nations potential is attributed to the fact that the economy has been performing relatively well with regard to major economic indicators. Over the past few decades, its demographic trends and the rapidly growing economy has led India to become the worlds fastest growing economy. Economists project that the economy is expected to continue growing at a significantly high rate. If this trend continues, then the country might emerge as the next global leader and superpower. Overall, the economy has been exhibiting excellent economic performance over the past few years. In 2015, India was the fastest growing economy in the world (Vanham, 2015). Last year, its economic growth was also equally significant. Currently, the countrys economy is the third largest with respect to real GDP. According to a study conducted by economists and researchers at Harvard University, the state is projected to have an annual growth rate of 7 percent up to 2024 (Hausmann, 2015). At this rate, India will continue to be the fastest growing economy globally. For this reason, it will continue to grow at a faster rate than other prospective superpowers like China. Today, India is considered as a potential superpower. Primarily, this is because the country possesses functional institutions of democracy. Typically, democracy provides for long term stability and leadership. In addition to this, it represents a relatively corruption free society (Canton, 2013). For this reason, the state has the prospect to act as a leading example of entrepreneurial, resource and energy efficiency to the rest of the world. Furthermore, the nation has great potential to lead the world due to its tendency to combine rapid economic growth with fairness. Besides, India has a youthful population that will work towards its prosperity. Whereas other industrial nations are likely to face a youth gap in the near future, India will have a largely youthful and productive labor force (Ambrose, n.d.). Thus, its per capita income is expected to rise over and above that of other nations significantly. Moreover, the nation is situated in an area that has unprecedented prospects for growth in the magnitude of international trade (Sanghoee, 2015). More specifically, the state has great trading harbors that are expected to grow significantly with the expanding scale of the transoceanic commerce. Most importantly, the nation has one of the strongest militaries in the world. All in all, all factors considered, the Indian economy has excellent prospects for global leadership. Overall, its continued rapid economic growth has set the country in the limelight for global leadership. It functional democratic system provides a basis for future world leadership. Additionally, its powerful military system secures the countrys prospects as a superpower. Importantly, its abundant resources and youthful population guarantee its prosperity. For this reason, therefore, Indias aspirations to lead the globe are not just wishful thinking. Instead, they are achievable in the near future. References Ambrose, J. R. India: A Superpower in the Making? The Real Truth. Retrieved from https://realtruth.org/articles/434-iasitm.html. Canton, N. (2013). Will India Become Asias Next Superpower? Asia House. Retrieved from https://asiahouse.org/will-india-become-asias-next-superpower/. Hausmann, K. (2015). New Growth Projections Predict the Rise of India, East Africa, and Fall of Oil Economies. Harvard Kennedy School. Retrieved from https://www.hks.harvard.edu/news-events/news/articles/new-growth-projections. Sanghoee, S. (2015). India: The next superpower? Fortune. Retrieved from https://fortune.com/2015/01/25/india-the-next-superpower/. Vanham, P. (2015). Can India join China as an economic superpower? World Economic Forum. Retrieved from https://www.weforum.org/agenda/2015/09/can-india-join-china-as-an-economic-superpower/.