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China to overtake US economy by 2032 as Asian might builds: report

17:05, Tuesday, 26 December, 2017
China to overtake US economy by 2032 as Asian might builds: report

The growing importance of Asia's major economies will continue in 2018 and beyond, according to a league table that sees the region dominating in terms of size in just over a decade.

The report by the Centre for Economics and Business Research in London sees India leapfrogging the UK and France next year to become the world's fifth-biggest economy in dollar terms. It will advance to third place by 2027, moving ahead of Germany.

In 2032, three of the four largest economies will be Asian - China, India and Japan - and, by that time, China will also have overtaken the US to hold the No 1 spot. India's advance won't stop there, according to the CEBR, which sees it taking the top place in the second half of the century.

Also by 2032, South Korea and Indonesia will have entered the top 10, supplanting the Group of Seven nations of Italy and Canada.

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