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Long remained 5th world power, France lost ground in 2017, and is now 6th in the rankings. The ogre that makes it competition is none other than India.
The GDP figures released by the World Bank may leave Bercy bitter: in 2017, our country lost ground in the world rankings of the great economic powers and now occupies the 6th line and no longer the 5th.
The Hexagon has just been overtaken by India, whose GDP was $ 2,597 billion in 2017, when that of France was "only" $ 2,582 billion. And this is not the first time, since France had already been exceeded recently by the United Kingdom, which posted $ 2,622 billion on the counter.
Currently, the United States remain far ahead of everyone, to nearly $ 20 trillion in GDP.
In second place, China has a little more than $ 12 trillion, and is getting closer every year to the United States, even if the gap is still very important.
In third place is Japan, which generates nearly $ 5 trillion in GDP … ahead of Germany, fourth, and its GDP of $ 3.6 trillion.
Indians are working more that the French and constantly improve their productivity
So, why this breakthrough of India? First of all because working time in this country has nothing to do with working time in France. According to UBS's latest Price And Earnings Report, in 2017 an average French worker worked 1,600 hours, while a Mumbai resident averaged 3,315 hours, which earned this Indian city a top ranking. among the 77 cities in the world studied. New Delhi is also not far off, since it ranks 4th in the charts.
But the GDP generated is not only a function of working time, another factor also comes into play: hourly productivity. According to a Citibank study (in which 26 countries have been screened since 1950), in 75% of cases where labor productivity rose by 6%, GDP was up 8%.
And India in all this?
Between 1950 and 1980, productivity increased by only 1.7% per year on average. But things started to accelerate in 2000, when the pace rose to 3.8% … before capping at 10.2% in 2010, then down to 4.75% in 2016. In any case, one thing for sure: India is gaining access to technologies, making its economy more efficient. And who works more efficiently generates more turnover … and therefore more GDP!
Source economiematin.fr
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