China will overtake the US to become the world's largest economy by 2020, which in turn will be overtaken by India in 2050," Wealth Report 2012 by Knight Frank & Citi Private Bank said. The report said Indian economy will reach $85.97 trillion size in terms of purchasing power parity by 2050, while the Chinese GDP would be $80.02 trillion during the same period. The US – currently the world's largest economy – is expected to have a GDP of $39.07 trillion by 2050. Other nations in the top 10 list of world's largest economies in terms of GDP would be Indonesia (4th at $13.93 trillion), Brazil (5th at $11.58 trillion), Nigeria (6th at $11.58 trillion), Russia (7th at $7.77 trillion), Mexico (8th at $6.57 trillion), Japan (9th at $6.48 trillion) and Egypt (10th at $6.02 trillion). In terms of growth from 2010-2050, India would be the second fastest with its economy growing at the rate of eight per cent in the period. With a pace of 8.5 percent, Nigeria would be the fastest growing economy during the same period, the report said. In 2010, India was world's fourth largest economy with a value of $3.92 trillion compared to China's $9.98 trillion and America's $14.12 trillion. The International Monetary Fund forecast emerging economies will expand by 5.4 percent this year and 5.9 percent next year.
