Even as China’s credit-fueled boom – which helped it surpass Japan in 2011 to become the world’s second-largest economy – is losing its efficacy as new credit creation is now failing to drive economic growth as we pointed out last week (and many times before that), many economists believe it will eventually surpass its western rivals and become the world’s largest economy.

Case in point: A report published by a UK think tank posits that China will surpass the US to become the world’s largest economy by 2032. Meanwhile, Asian countries will comprise four of the world’s five largest economies, according to Bloomberg.

The report, published by the London-based Center for Economics and Business Research, also sees India leapfrogging the U.K. and France next year to become the world’s fifth-biggest economy.

By 2027, it will have moved to third place, moving ahead of Germany.

In 2032, three of the four largest economies will be Asian - China, India and Japan. Interestingly, India’s advance won’t stop there: According to the CEBR, the South Asian country will steal the No. 1 spot from China by mid-century. Also by 2032, South Korea and Indonesia will have entered the top 10, supplanting Italy and Canada - two members of the Group of Seven.