Forecasts for global economic ranking disclosed

Baku. 26 December. REPORT.AZ/ Centre for Economic & Business Research (CEBR) of United Kingdom disclosed a report of World Economic League Table (WELT).

Report informs, according to the forecasts, three Asian countries will be among four major economies in 2032.

In 2032, China will have the largest economy in the world. The US will hold second spot and it will be followed by India and Japan. Currently India ranks the 7th spot, Japan third, China will have overtaken the U.S. to hold the No 1 spot in 2030.

The experts of the center believe that other leading countries will also be overtaken by other countries by 2030. The share of emerging countries in the global economy will increase to 56% in 2032. In 2000 this figure was 24%. Pakistan will rise from its current 41st position to 25th, Bangladesh from 43rd to 31st spot.

The special weight of European countries in the global economy will go down to 13.8% by 2032.In 2000 this indicator was close to 26%. Italy will be kicked out of top 10 by 2027.Germany will fall to the fifth spot from fourth by 2032, UK will fall to the seventh spot from sixth, France will fall to the ninth place from fifth.

Also by 2032, South Korea (from 12th to 8th) and Indonesia (16th to 10th) will have entered the top 10. Brazil that currently holds eighth place will increase to sixth and surpass France and UK. Russian economy will fall from its current eleventh position to 17th lagging Turkey and Spain.

According to CEBR forecast, oil producing countries in the Near East including Saudi Arabia will face a great loss.