O'Neill: China could overtake US by 2027

Jim O'Neill, the head of Goldman Sachs Asset Management, has predicted China could overtake the US as the world's largest economy by 2027 and urged a rethink of the G7 away from domination by the West.

In an update to his 2001 paper on the BRIC region, O'Neill says the economies he highlighted have exceeded even his expectations in the way they have become global powerhouses. O'Neill says the four countries should no longer be considered "emerging" economies but rather "growth" economies, the Telegraph reports. His new book The Growth Map, which is being serialised in the Telegraph, reveals the next stages in the progress of the strongest non-Western economies. "Our updated research suggests that China's economic output - its gross domestic product - could match that of the US as...