THE US will lose its place as the world’s biggest economy by 2030, falling below China and India, according to a new report.
The study was produced by UK banking firm Standard Chartered. Britain, France, Italy and Canada are all predicted to fall out of the world’s top 10 economies. They will be overtaken by Turkey, Brazil and Egypt which are forecast to enjoy meteoric rises.
Standard Chartered predicts the size of countries economies will become closer to their populations.
Rapid middle-class growth means the world is reaching a tipping-point, with most of the global population expected to reach the category by 2020.
The company said: “Countries’ share of world GDP should eventually converge with their share of the world’s population; driven by the convergence of per-capita GDP between advanced and emerging economies.”
Seven of the 10 biggest economies in 2030 are forecast to be current emerging economies.
After China, India and the US, Indonesia is projected to be the fourth biggest economy in 2030.
Turkey, Brazil, Egypt and Russia are expected to take the next four spots.