China is projected to surpass the Euro Area in a year or so and the United States in a few more years – 2016, to become the largest economy in the world, and India is projected to surpass Japan in the next year or two and the Euro area in about 20 years. The faster growth rates of China and India imply that their combined GDP will exceed that of the major seven G7 OECD economies by around 2025 and by 2060 it will be more than 1½ times larger, whereas in 2010 China and India accounted for less than one half of G7 GDP. Strikingly, the combined GDP of these two countries will be larger than that of the entire OECD area, based on today’s membership, in 2060, while it currently amounts to only one-third of it.
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