China and India will surpass the US as the world’s biggest economy by 2030, this according to UK based financial services giant, Standard Chartered Plc. According to the UK company, in their annual ranking of the world’s largest economies, the United States will fall to a ranking of third place.
There Britain, France, and Italy also are to fall out of the world’s top economies – they will be overtaken by Turkey, Brazil, Indonesia, Russia and Egypt which are predicted to enjoy meteoric rises. Emerging markets are predicted to take over the global market.
According to Standard Chartered, “countries share the world’s GDP should eventually converge with the share of the world’s population; driven by the convergence of per-capita GDP between advanced and emerging economies.”
The company measured both Gross Domestic Product (GDP) and Purchasing Power Parity (PPP) exchange rates.
“The financial firm is projecting that India’s rate of economic growth will accelerate to 7.8% by 2020s – China’s economic growth will slow down adjusting to a steady 5.0% growth by 2030,” reports CCN.