China may become No 1 economy by 2028 overtaking US

China economyAs suggested by a research report, China is expected to become world's number one economy by 2028. The country is expected to overtake the United States in 2028 to become the world's largest economy.

The Centre for Economics and Business Research (CEBR) based in London said in its annual report 2013 that China's gross domestic product (GDP) in US dollars would overtake the United States in 2028. The annual report issued by the CEBR, a leading economic consultancy in Britain, covers the 30 largest economies in the world.

A news agency in China said, citing the report ,"This is later than some analysts have suggested and reflects the continuing performance of the US as the West's strongest economy and the slowing down of the Chinese economy.".

As per the CEBR's forecasts, India will overtake Japan in 2028 to become the world's third largest economy.

It said, "Japan is likely to follow a weak currency policy for the foreseeable future which means that its GDP in dollar terms gets overtaken by India earlier than we had previously expected."

Brazil surpassed the UK in 2011 to become the world's 6th largest economy. But CEBR said that the country had since fallen back but would overtake both the UK and Germany to become the world's fifth largest economy in 2023.