China is expected to overtake the US in 2028 to become the world’s largest economy while India is predicted to overtake Japan that year for the third place in the same league, a London-based economic and business research group has said.
The Center for Economics and Business Research (CEBR) said Thursday in its annual report that China’s gross domestic product (GDP) in dollars would overtake the US in 2028, the China Daily reported Friday.
“This is later than some analysts have suggested and reflects the continuing performance of the US as the West’s strongest economy and the slowing down of the Chinese economy,” the report said.
Based on CEBR’s forecasts, India will overtake Japan in 2028 to become the world’s third largest economy. “Japan is likely to follow a weak currency policy for the foreseeable future which means that its GDP in dollar terms gets overtaken by India earlier than we had previously expected,” the report said.
The annual report issued by the CEBR, a leading economic consultancy in Britain, covers the 30 largest economies in the world.