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China to overtake US economy by 2032: Report
 
A man carries a kite in the shape of the Chinese national flag n Shanghai. Photo: Bloomberg
 
China is set to overtake the United States as the world's no. 1 economy by 2032, according to a new report.
 
According to a report by the Centre for Economics and Business Research in London, the major economies of Asia will continue to dominate in the coming years.
 
Three of the four largest economies will be Asian in 2032, the CEBR report predicts: China, India, and Japan, with China overtaking the U.S. to hold the top spot.
 
Previous reports had shown that China would take the top spot by 2031, but the predicted negative impact on the U.S. economy of President Trump has been 'less severe' than expected, CEBR said.
 
 'Because the impact of President Trump on trade has been less severe than expected, the USA will retain its global crown a year longer than we anticipated in the last report,' the report said. 
 
India, currently in seventh place, will pass the United Kingdom and France to become the world’s fifth largest economy in dollar terms by next year. It will then be in third place by 2027, right ahead of Japan and Germany.
 
South Korea and Indonesia will have entered the top 10 by 2032, kicking out Italy and Canada.

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