A report by the Center for Economics and Business Research in London says China will overtake the U.S. to become the world's No. 1 largest economy by 2032, Bloomberg News reported Dec. 26.

In 2032, three of the world's four largest economies will be Asian — China, India and Japan, according to the report.

The report forecasts that India will overtake the U.K. and France in 2018 to become the world's fifth-biggest economy in dollar terms. It will leap to third place by 2027, overtaking Germany. India's record pace does not end there, with the report predicting that the country will take the top spot by the second half of the century.

By 2032, two emerging economies, South Korea and Indonesia, are expected to join the world's top 10 economies, replacing the Group of Seven nations of Italy and Canada, according to the report.