Canada’s economy to drop out of global top 10 by 2020: report

TORONTO – A U.K.-based think-tank says Canada will have the world’s 10th largest economy in 2017, but will be overtaken in a few years by South Korea.

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The analysis from the Centre for Economics and Business Research, published in co-operation with Global Construction Perspectives, estimates Canada’s gross domestic product will be worth 1.635 trillion U.S. dollars next year.

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That would put Canada’s GDP just ahead of South Korea, ranked No. 11.

But by the end of 2019, the think-tank says Canada will be knocked to 11th spot by South Korea – in current U.S. dollars.

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It also forecasts Canada’s ranking will drop to No. 12 on the World Economic League Table by 2030 – when the United States will drop to No. 2, from the top spot that it has held for decades, by China.