August 15, 2018
Business

China to leapfrog US economy by 2032 as Asia’s strength grows

The Centre for Economics and Business Research (CEBR) suggests China’s economy is set to overtake the US with Asia’s major economies to continue moving up in the list in 2018 and beyond.

India is expected to become the world's third-biggest economy in dollar terms, moving aside its former colonial master Britain along with France. India will reportedly advance to third place by 2027, overtaking Germany.

According to the World Economic League Table, published by the London-based think tank, the four largest economies in 15 years are predicted to be China, the US, India, and Japan.

By 2032, South Korea and Indonesia are projected to enter the top ten of the world’s largest economies, pushing out G7 countries Italy and Canada.

In fourteen years, three of the four largest economies will be Asian – China, India, and Japan, according to the CEBR. The analysts also said that India’s growth will continue with the country to take the top spot in the second half of the century.

Earlier this year, the US consulting firm PricewaterhouseCoopers said China would dominate the global economy by 2050. At the same time, IMF analysts expect India to overtake the UK and Germany as early as 2022.

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