A seismic shift is underway in the global economy. According to the 2025 edition of the World Economic League Table (WELT), a number of dynamic Asian and African nations are leading the charge while European countries stagnate or slip back. Meanwhile, the big news concerns the predicted positions of the two nations tussling at the top of the list.

Billed as "the go-to measure for the comparative economic success of different countries", the annual report has been compiled by the UK's Centre for Economics and Business Research (Cebr) for the past 16 years. It ranks nations according to their predicted gross domestic product (GDP), a recognised measure of economic health.

Read on to discover the 30 nations Cebr predicts will reign supreme in 2039.

All dollar amounts in US dollars.

Sweden currently boasts the world's 24th largest GDP but the Nordic nation is forecast to tumble six places in the ranking by 2039, despite becoming a trillion-dollar economy. Headwinds such as high unemployment will impact growth, though the typical figure is expected to come in at a respectable 2.2% annually through to 2030 before settling down to an average of 1.9% a year during the subsequent decade.

Sweden's key pluses include its business-friendly environment and modest debt. And given its strong focus on sustainability and legally-binding net zero emissions target by 2045, the country's economic journey, while not spectacular, does appear stable and forward-thinking.

Israel holds the 30th spot in the league table in 2025 and is set to inch up one place by 2039, surpassing the magic trillion-dollar GDP mark. But its short-term outlook is marred by the ongoing conflict in the region. The conflict drove down growth to a mere 0.7% in 2024 and has pushed up government debt to 68% of GDP.

Despite this, Israel is projected to rebound, with average annual growth of 3.4% anticipated between 2025 and 2029, softening to 3% over the following decade. Its strong services, tech and manufacturing sectors will be key to this recovery, as will falling unemployment. However, the nation's future prosperity hinges on resolving the Palestinian conflict and restoring regional stability.

Currently the world's 47th largest economy, Egypt is projected to accelerate an astonishing 19 spots in the league table by 2039, with its GDP poised to more than triple from $324 billion (£263bn) to $1.149 trillion (£934bn).

Africa's future biggest economy does have its fair share of challenges, from rampant inflation to high levels of public debt, but annual growth is expected to average a robust 4.9% for the remainder of this decade and rise to a typical figure of 5.2% a year through to 2039.

Economic basket case Argentina saw its GDP contract by 3.5% in 2024, and the nation's rate of inflation is expected to have reached a staggering 229.8%. President Javier Milei's drastic reforms have started to bear fruit, but unemployment has shot up and 12% of the population is living in extreme poverty.

Growth is forecast to return, averaging 3.9% annually for the rest of this decade, but the typical yearly figure will slow to 2.3% from 2030 to 2039, though GDP will surpass the trillion-dollar threshold by 2034. In terms of its global ranking, Argentina will be the 27th largest economy in 2039.

The UAE economy has plenty in its favour, including low levels of public debt. Looking ahead, the Middle Eastern nation is moving increasingly away from oil and natural gas as it further diversifies its economy and embraces renewables. Plans are afoot to triple its renewable energy output by 2030 and the country is aiming to go carbon-neutral by 2050.

Annual growth is expected to average 4.7% from 2025 to 2029, falling back to 4.3% typically per year through to 2039. The UAE should remain the world's 26th-largest economy during the forecast period.

Vietnam is set to jump nine places up the league table by 2039, buoyed on by positives such as the country's strong public finances and expanding manufacturing base, which is benefiting from Western firms shifting production from China. Growth is predicted at an average of 5.8% annually until 2029 before declining slightly to 5.6% a year through to 2039.

A potential downside is the levying of punishing tariffs by the US on Vietnamese goods. America is Vietnam's biggest export partner, so any significant trade restrictions could hinder growth.

A global leader in semiconductor manufacturing, Taiwan has a flourishing tech sector, not to mention a business-friendly environment and low public debt. However, challenges such as a rapidly ageing population and rising competition are expected to hamper growth, which is predicted to average 2.5% annually for the rest of this decade but fall back to 2.1% a year in the 2030s. As a result, Taiwan is expected to drop two spots in the ranking.

Plus, looming large is the threat of an all-out conflict with China, which could be devastating for the island nation.

The Filipino economy is going from strength to strength despite negatives that include relatively low competitiveness. In fact, the country is projected to be among the world's growth leaders over the next couple of decades. Its economy is slated to expand by an impressive 6.3% a year on average between 2025 and 2029 and 6% annually the following decade.

This stellar growth is projected to propel the Philippines up the global GDP ranking. By 2039, the nation is set to have the world's 23rd-largest economy, up from 32nd in 2025.

Switzerland's GDP is expected to surpass the trillion-dollar mark by 2029. Highly competitive, the affluent nation's economy is underpinned by an enviable services sector, particularly financial services, and advanced manufacturing, including pharmaceuticals and electronics.

Still, comparatively muted growth is forecast through to 2039. As a consequence, the nation is expected to slide two positions down the league table by that point.

Political instability, elevated inflation and high levels of youth unemployment are weighing heavily on Bangladesh's economy right now. But the future looks bright nonetheless. Annual growth is expected to average 6.5% for the remainder of this decade, and 6.2% during the 2030s, with the country poised to rocket 14 positions up the ranking by 2039.

According to Invest Bangladesh, this outstanding growth will be fuelled by the country's diversification into pharmaceuticals and electronics, together with infrastructure investments and a growing workforce.

Relative to other European economies, Poland is booming, driven by strong domestic demand and investment. This is despite challenges like high inflation and an ageing population. EU funding and strong productivity growth are supporting this expansion, with the country's GDP expected to mushroom by an average of 3.2% annually for the rest of this decade and 2.8% in the 2030s, when GDP will exceed a trillion dollars.

Thanks to this comparatively healthy growth, Poland is forecast to rise one spot in the league table, in contrast to many other European countries that are projected to remain in the same position or fall down the ranking.

The Netherlands saw modest economic growth in 2024 with low inflation and unemployment, but faces challenges in relation to its competitiveness.

While government debt is falling and the country is committed to achieving net zero by 2050, future growth is projected to be lacklustre, averaging 1.6% a year through to 2029 and 1.4% in the 2030s. Unsurprisingly, the country is expected to drop from position 17 in the league table this year to 19 by 2039.

In 2023, the Turkish government U-turned on its controversial policy of low interest rates amid high inflation. The hike in rates was necessary to rein in prices but led to a prolonged recession. Fortunately, growth has returned. It's projected to average 3.2% annually for the remainder of this decade and 2.9% between 2030 and 2039.

In terms of its ranking, the nation was placed 17th in 2024. It will slip one position this year, according to Cebr, before regaining the 17th spot in 2034 and falling back again to 18th by 2039.

Saudi Arabia's economy rebounded in 2024 with moderate growth and low inflation, supported by government spending and energy subsidies. While the country's reliance on oil and natural gas poses challenges to its carbon neutrality goals and future prosperity, it's taking major steps towards green development and economic diversification via the Saudi Vision 2030 initiative.

Growth is set to average 3.9% a year through to 2029 and 3.5% annually in the 2030s, with the country expected to rise two spots in the league table.

Despite economic challenges such as high unemployment and political uncertainty, Spain is experiencing moderate growth and falling inflation. Looking ahead, the country's commitment to green initiatives and continued recovery efforts will shape its economic future.

Growth is predicted to average 2.1% annually from 2025 to 2029 and 1.8% from 2030 to 2039, when GDP will pass the $3 trillion (£2.44tn) mark. Though these figures are good for an advanced economy, Spain is set to slip two spots in the ranking by the end of the forecast period.

Though it has its strengths, Mexico's economic wellbeing is marred by high informal employment, low competitiveness and eye-watering crime rates linked to drug cartels. The country is also massively dependent on the US, and the prospect of hefty tariffs on its exports – which the Trump administration is threatening to impose – could further hinder its economic progress.

With this in mind, annual growth is expected to average between 1.8% and 1.9% through to 2039, which isn't all that impressive for an upper-middle-income country. And the world's 12th biggest economy today is expected to fall back to 15th place by the end of the 2030s.

Australia's growth prospects are likely to be boosted by lower inflation and interest rates, manageable debt levels and strong competitiveness. Among the major challenges the country faces is the prospect of weaning itself off fossil fuels, though its solar energy potential is abundant.

Growth is forecast to average a steady 2.2% for the remainder of this decade, and Australia should maintain its position in the league table through to 2039. However, its per capita ranking is poised to decline.

Russia appears to be holding up reasonably well despite the wide-ranging sanctions imposed by the West following its invasion of Ukraine. Increased military spending is propping up the economy and countries like China and India continue to buy Russian oil and gas, albeit at heavy discounts. But inflation has become a major issue, and Russia's economic outlook is bleak.

Growth is forecast to average just 1.2% a year during the rest of this decade, and only 1% annually in the 2030s. Consequently, Russia is set to slip from the 10th spot in the league table in 2025 to 13th by 2039.

South Korea's economy is the world's 12th largest in 2025. It's expected to stay that way through to 2039. Growth is predicted to come in at an average of 2.1% annually between 2025 and 2029 and fall back to 2% a year in the 2030s.

Nevertheless, recent political instability could pose a risk to the country's economic wellbeing, according to the Bank of Korea, while potential tariffs imposed on Korean goods and services by the Trump administration could present an even bigger problem in the future.

Italy's economy faces more headwinds than most, with significant barriers to future growth including excessive public debt, a rapidly ageing population and the challenge of meeting its net zero objectives.

The nation's GDP is expected to expand by an average of just 0.8% a year for the rest of this decade, and a meagre 0.7% annually during the 2030s. Based on this anaemic growth forecast, Italy is poised to fall from 8th place in the league table, losing its top 10 status, with the country expected to end up in the 11th spot by 2039.

On the flip side, the dynamic Indonesian economy is forecast to undergo substantial growth over the next 14 years, with an average annual figure of 4.7% this decade and 4.3% between 2030 and 2039.

This growth will be bolstered by increased competitiveness, renewable energy initiatives and other positives, but Indonesia has its fair share of hurdles to overcome, including a pressing need to diversify its economy. In any case, the country is expected to climb from position 16 in the ranking and enter the top 10 by 2039.

Canada's resource-rich economy is standing the nation in good stead for the future. But the country has a number of short and medium-term challenges on its plate, including spiking unemployment, high public debt and the Trump administration's threatened tariffs.

Cebr predicts average annual growth of 1.8% through 2025 and 2029, with the figure dropping to 1.6% per year in the 2030s. Canada is forecast to drop to position number 10 in the league table by 2029 but should regain the 9th spot in the latter part of the 2030s.

Brazil's economy is buttressed by its wealth of natural resources and factors such as low inflation but is being stymied by high government debt and a lack of competitiveness.

Growth is expected to average 2.1% annually from 2025 to 2029, and just 2% a year during the 2030s. These figures are disappointing for an upper-middle-income country. Still, Brazil is expected to climb from position 11 in the ranking in 2025 to the 8th spot by 2039.

While reasonably strong overall, France's economy is currently constrained by high public debt, political instability and other negatives, including falling competitiveness.

Growth between 2025 and 2029 is projected to average just 1.1% and will only pick up marginally to 1.2% during the 2030s. Nevertheless, the country is expected to remain in the 7th spot throughout the entire forecast period.

The UK economy isn't in the best of shape. Meaningful growth has proved elusive over the past couple of years and public debt has crept up despite a record tax burden, while private-sector investment is dropping.

Fortunately, Cebr predicts accelerating growth for the country in the coming years. While the typical annual rates will remain below the pre-pandemic trend, they are expected to be stronger than those seen in France, ranging from 1.3% to 1.8% through to 2039. As a result, the UK should maintain its 6th place in the ranking.

Japan's economy had a tough 2024, with muted growth and high inflation due to a weak yen and poor export performance. While there are signs of recovery, the country's growth prospects look modest amid very high public debt and a rapidly ageing population.

Average yearly growth is expected to come in at an uninspiring 0.9% for the rest of this decade, and only 0.6% between 2030 and 2039. Japan's economy is the fifth largest this year, down from the fourth biggest in 2024 and the second largest in 2009. On the bright side, it's projected to remain in the top five throughout the forecast period.

Europe's manufacturing juggernaut has been plagued with economic difficulties since the 2022 energy price shock caused by Russia's invasion of Ukraine. While the labour market remains tight, high energy costs and weak demand have hampered economic performance.

Looking ahead, Germany is poised to see a modest rebound, but annual growth is predicted to average just 0.8% from 2025 to 2029, and 1% from 2030 to 2039. Germany lost its position as the world's third-largest economy last year and will stick around in 4th position through to 2039, according to Cebr.

India's long-term economic outlook is super-positive, buttressed by a growing population, rising middle class and ongoing reforms. Yearly growth is expected to come in at 6.5% on average between 2025 and 2028 and will remain extremely buoyant through the forecast period.

This year, the country is predicted to overtake Japan as the world’s fourth largest economy, pass the $5 trillion (£4.06tn) mark by 2028, and surpass Germany to bag the third spot by 2029. India's GDP is expected to hit $10 trillion (£8.13tn) as early as 2036.

China might sit in second place but all is not well. The nation's economy has hit the doldrums, with myriad issues that include a property market slump, high youth unemployment, low consumer confidence and increasing public debt.

Back in 2020, Cebr predicted China would overtake the US as the world's largest economy by 2028. With growth expected to slow from an average of 4.2% for the rest of this decade to 3.8% annually during the 2030s, this is now highly unlikely through the entire forecast period.

As China struggles, the mighty US economy is now set to reign supreme as the global leader through to 2039.

Planned tax cuts promised by Donald Trump should provide a short to medium-term boost, but potential tariffs and immigration crackdowns may drag on growth. Public debt and the ever-expanding deficit are also major concerns for America in the future.

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