From Washington’s Blog:
The First BRIC to be Downgraded to Junk?
India is currently one of the world’s biggest economies, ahead of Spain. Both the CIA and World Bank have India as the ninth-largest economy, and Spain as the 12th.
India is forecast to be the world’s third-largest economy by 2030, and the world’s No. 1 economy by 2050 (the same year that India will become the world’s most populous country).
And because India’s age demographic is so young, the costs of supporting its elderly is incredibly low…
So things look bullish and rosy for India, right? Long term, yes.
But in the short term, India has big problems.
S&P has just threatened to downgrade India to junk. The Telegraph notes…