economy
IMF projections released in 2025 showed one Asian giant finally overtaking a longtime rival to claim a new spot in the world economic rankings.
India was projected to overtake Japan as the world's fourth-largest economy in 2025, based on IMF data showing India's nominal GDP narrowly edging past Japan's. This capped a rapid climb from fifth place the year before, driven by India remaining the fastest-growing major economy even as tariffs weighed on Japan's outlook.
Germany was actually the economy India overtook to reach fourth place, not a rival for the same spot, and Indonesia, though large and fast-growing, was not close to challenging Japan's ranking here.
Rankings like this use nominal GDP in current dollars, which shifts partly due to currency exchange rates, not just growth, so a weaker yen against the dollar also narrowed the gap.
economy
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