LONDON (Reuters) – In the race to outpace developed economies, emerging countries such as China, India, and Brazil suffered a setback this year and will outgrow them later than previously expected, the Centre for Economics and Business Research said. The Cebr consultancy’s 2019 World Economic League Table was more downbeat on the global economy than last year’s outlook.
China is likely to overtake the United States as the world’s No. 1 economy in 2032, two years later than previously expected, due to a more lax monetary policy and lower exchange rate, the Cebr said.
It expects Brazil to overtake Italy in 2020, not 2018.
India would overtake Britain and France, probably in 2019, but possibly 2020, rather than in 2018 as it predicted a year ago.
Britain would likely lose its place as then the sixth biggest economy to France next year due to Brexit-related disruption, but should regain that position by 2023.
The Cebr also projected Ireland to be among the fastest growing economies in the euro zone next year, but said Brexit posed a big downside risk to that forecast.