Italy will be scratched off the list of the world’s top 10 economies by 2038 with South Korea replacing it, according to the Center for Economics and Business Research (CEBR), a British think tank.
According to a report by Bloomberg on Dec. 26, the CEBR continued its forecast that South Korea will be the ninth-largest economy in terms of gross domestic product (GDP) in 15 years, breaking into the top 10 club. Italy, currently ranked eighth, is expected to drop out of the top 10 in 15 years.
China is expected to overtake the United States as the world’s largest economy in 2038. Populous India and Brazil will move up from their current fifth and ninth place to third and eighth, respectively.
Emerging countries and regions trailing advanced economies will play a key role in doubling the world’s total GDP, the CEBR predicted.
Among advanced economies, the United Kingdom will be the best-performing major economy in Europe, closing the gap with Germany and gaining ground on France, the CEBR forecasts.
The United Kingdom was projected to outgrow the big four euro-zone economies of France, Germany, Italy and Spain.
“The fundamentals of the U.K. economy are very strong,” said Pushpin Singh, a senior economist at the CEBR. “London’s position as a financial and advisory service hub will continue, along with broader strength in the services sector across the United Kingdom. It will drive the United Kingdom’s growth.”
The economic impacts of Brexit have been exaggerated or need to be further studied,” Singh added.