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Report predicts that by 2032, another country will surpass the US as the world's largest economy

A recently released report shows that by 2032, the U.S. could lose its stronghold as the world's top economy. India's economy is also moving up. (Bill Pugliano/Getty Images)

According to a recent report, China will likely overtake the United States for the largest economy in the world — in dollar terms — by the year 2032.

What did the report say?

London's Centre for Economics and Business Research recently released the report, which also predicted that India will pass the United Kingdom and France in 2018 to become the world's fifth largest economy in dollar terms. The report has India then surpassing Germany to become the third largest economy by 2027.

According to the report, by 2032, the top three economies will be China, the U.S., and India. Japan follows closely behind in the fourth spot, which would mean three of the four top economies in the world are Asian countries.

The report also predicts that India's spot will keep steadily rising, surpassing all other countries to reach the No. 1 spot by the second half of the century.

What else should I know?

President Donald Trump said earlier this month that the GOP tax plan he signed into law on Friday would help boost the U.S. economy, increase investment in American workers, and create more jobs.

"TAX CUTS will increase investment in the American economy and in U.S. workers, leading to higher growth, higher wages, and more JOBS," he tweeted.

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