China To Overtake US As World's Largest Economy By 2030

After 15 years time, the US will not be the world's largest economy, but will be overtaken by China, whose economy would have doubled. Other EU countries such as France and Italy will remain fixed, while emerging markets will be dynamic, said new projections by the US Department of Agriculture, according to rt.

China's GDP will almost overtake America's by 2030, according to the information published by the US Department of Agriculture. The US will still remain as the dominant economy with $24.8 trillion every year, yet its proportion in the world economy will fall to 20 percent by 2030 from its current 23 percent share.

"China's GDP will grow to more than twice its size today, helping the Asian powerhouse to almost entirely close its gap with the US," according to Bloomberg.

The third largest economy is expected to be India, which would have shot up from its eighth position. It large and "highly skilled labour force" will be responsible for its growth. Japan will remain in the fourth place, followed by Germany, and Brazil at number six.

"This increase in interdependence has also come with a significant reduction in international conflict, and overall growth of prosperity across the globe, particularly in fledgling economies just plugging into global markets," according to therichest.

Other developing countries in Asia and Africa are also expected to shoot up, with Uganda gaining 18 ranks. On the other hand, "Europe's powerhouse economies - France and Italy" are expected to dip in their ranks by two or three places.

Russia will lose about 5 percent in GDP in 2015, according to JPMorgan, dropping down to the tenth position in 2030.

Jamaica, which is a small Caribbean island, will lose the most economic output, coming down by 13 places.

The information includes projections for 189 countries that make up 99 percent of the global economy.