China's gross domestic product (GDP) will surpass that of the United States to become the world's largest economy by 2037, while developing economies will double global GDP by catching up with developed economies, according to an annual report released today**.
Compared to previous years, the report** has taken China to overtake the United States further than in previous editions. In the 2021 edition of the report, CEBR expects this to happen in 2028. The 2024 edition of the report was extended to 2037 and said it was "just one of many scenarios" assuming there was no economic crisis.
The report specifically mentions China's real estate problems and the Taiwan Strait issue.
According to this year**, in 15 years, the world's top 10 economies will be China, the United States, India, Japan, Germany, the United Kingdom, France, Brazil, South Korea, Canada (Italy drops out of the top 10). The report is more optimistic about rising stars such as the Philippines, Vietnam, and Guyana.
The report, called World Economic League Table 2024 (Welt 2024), covers 190 countries around the world,** and extends to 2038.
The report predicts that in 15 years' time, the share of East Asia and the Pacific and Europe in the global economy will change dramatically, from the current 294% to 356%, the latter by 236% narrowed down to 192%。The report also argues that the UK will be the best-performing major European economy over the next 15 years, with GDP remaining at 16% to 1The growth rate of 8% has helped the UK maintain its position as the world's sixth largest economy.
Last year's WLT report projected global GDP doubling from $102 trillion in 2022 to $206 trillion by 2037.
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