According to the Centre for Economics and Business Research (CEBR) on December 26, South Korea and Indonesia are expected to join the top 10 economies of the world in or before 2032.
In its report released on December 26, the British think tank predicted that the South Korean economy, which is the 12th-largest in the world now, would catch up with the Canadian economy and climb to 10th place in 2022 before moving up to ninth in 2027 and eighth in 2032.
According to the CEBR, the top 10 economies in 2032 are likely to be China (currently number two), the United States (one), India (seven), Japan (three), Germany (four), Brazil (eight), the United Kingdom (six), South Korea (12), France (five) and Indonesia (16). The think tank added that China would surpass the United States in 2032.
India is forecast to join the top five next year and overtake Japan and Germany in 2027. According to the CEBR, India’s rapid economic growth is likely to continue for a while and the Indian economy will become the largest in the world before the end of this century.
Indonesia is expected to put its name on the top 10 list in 2032. Meanwhile, Italy, which is currently a G7 member, is predicted to slide to 12th in 2027 and Canada is predicted to slide to 12th in 2032.