China to become world largest economy in 15 yrs

CMS (2013-12-27 11:32) [Full Text]

 

LONDON - China is expected to overtake the United States in 2028 to become the world'slargest economyaccording to a research report released Thursday.

The London-based Center for Economics and Business Research (CEBRsaid in its annualreport 2013 that China's gross domestic product (GDPin US dollars would overtake the UnitedStates in 2028.

"This is later than some analysts have suggested and reflects the continuing performance ofthe US as the West's strongest economy and the slowing down of the Chinese economy," thereport said.

Based on CEBR's forecastsIndia will overtake Japan in 2028 to become the world's thirdlargest economy.

It said: "Japan is likely to follow a weak currency policy for the foreseeable future which meansthat its GDP in dollar terms gets overtaken by India earlier than we had previously expected."

Brazil overtook the UK in 2011 to become the world's 6th largest economyBut CEBR said thatthe country had since fallen back but would overtake both the UK and Germany to become theworld's fifth largest economy in 2023.

"In 2014, while the Football World Cup is held in Brazilit still looks likely that Britain will have alarger economy than Brazil," it said.

The annual report issued by the CEBRa leading economic consultancy in Britaincovers the30 largest economies in the world.

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