London, England, United Kingdom (4E) – China is predicted to become the world biggest economy by 2028, much later than previously anticipated, according to the Center for Economic and Business Research (CEBR).
The London-based think tank said that China’s spectacular economic development has continued and although growth will inevitably slow due to the increasing maturity of its economy and relatively unfavorable demographics, the country is still expected to surpass the U.S. to become the world’s biggest economy in 2028 and for the first time since 1890.
CEBR also said that India is on pace to overtake Japan, becoming the world’s third biggest economy in 2028. CEBR said Japan’s position in the league table will fall in money GDP terms as a result of a weaker Japanese yen, which has declined around 20 percent against the dollar this year.
The UK economy is also predicted to be just 3 percent smaller than Germany by 2028 and is expected to overtake it to become the biggest Western European economy by 2030, the CEBR report showed.
Other economies that use the euro currency will see their spots in the league table further down, the CEBR said. Current fifth-placer France will drop to 13th by 2028, while eight-placer Italy will become the world’s 15th biggest economy in 15 years. Spain, currently at 13th, will drop to 18th in 2028.