A U.K. research firm has forecast the top 10 economies in 2032 and pegged South Korea for the number eight spot. (Image: Yonhap)
SEOUL, Dec. 27 (Korea Bizwire) – A U.K. research firm has forecast the top 10 economies in 2032 and pegged South Korea for the number eight spot.
As reported by Bloomberg News on December 26, the Center for Economics & Business Research (CEBR) published its report on the future trajectory of national economies on the same day. The report’s outlook for South Korea is one of gradual progress; from its current 12th place, Asia’s fourth-largest economy is projected to overtake Canada by 2022 and rise to 10th place, climb to 9th place by 2027, and settle in at 8th by 2032.
The world rankings were measured in U.S. dollars.
Overall, the CEBR’s prospective top 10 list featured a heavy Asian presence.
Overall, the CEBR’s prospective top 10 list featured a heavy Asian presence. (Image: Yonhap)
China is expected to take the top spot away from the United States, while India will move up from seventh, passing France and the U.K. to rank fifth on the list, and by 2027, should be third ahead of Japan and Germany.
This would mean that in fifteen years, three of the world’s four largest economies would be in Asia (China, Japan, India). The CEBR is high on India’s growth potential, stating that it could eventually become the world’s largest economy in the latter half of this century.
Asia’s fourth-largest economy is projected to overtake Canada by 2022 and rise to 10th place, climb to 9th place by 2027, and settle in at 8th by 2032. (Image: Yonhap)
Currently 16th placed Indonesia is expected to make a leap to take 10th place. The rise of Asian nations means that G7 member nations Canada and Italy will slide out of the top 10.
The top 10 list is as follows (current ranking):
- China (2)
- United States (1)
- India (7)
- Japan (3)
- Germany (4)
- Brazil (8)
- U.K. (6)
- South Korea (12)
- France (5)
- Indonesia (16)
Lina Jang (linajang@koreabizwire.com)
