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India's economy is considered the third largest in the world in terms of purchasing power parity and the sixth largest in terms of nominal GDP. India is also one of the largest G20 economies with an average growth rate of around 7% over the past two decades. In the last quarter of 2014, it became the fastest growing major economy in the world, overtaking the People's Republic of China. While both countries posted very similar growth rates in 2016, while China's growth is expected to slow, India's growth is projected to recover to 7.2% in 2017. According to the PWC World in 2050 report, India's nominal GDP could surpass that of the United States as early as 2040. The report also projects India's GDP to double to US$5 trillion by 2025.