Billed as "the go-to measure for the comparative economic success of different countries", the latest World Economic League Table (WELT) predicts a major change in the world's most economically powerful countries by 2037. 

The annual report is compiled by the UK's Centre for Economics and Business Research (Cebr) and the changes it forecasts in the updated table are eye-opening.

Emerging economies will rise through the ranks and traditionally high-income nations will slip down the league table, while the current number one nation will lose its top spot, albeit years later than previously forecast. 

Read on to find out which nations are tipped to rule the world in 14 years' time. All dollar amounts in US dollars. 

Thailand's economy is set to return to pre-pandemic levels this year. GDP growth is forecast to average at 3.4% over the next five years, before decelerating to 3% between 2028 and 2037.

While factors such as its massive black market shadow economy loom large, the country's march towards high-income status continues. GDP is poised to surpass $1 trillion by 2032, hitting almost $1.3 trillion (£1.1tn) by 2037.

Sitting in the 30th spot on the league table as of 2023, Thailand is projected to move an impressive five places up the WELT rankings in 14 years. 

Switzerland's post-pandemic recovery has been faster than Thailand's. Despite that, growth is expected to slow to an average of 1.4% over the coming five years before dipping to a paltry 1.2% between 2028 and 2037.

Currently sitting in 20th place on the league table, Switzerland is tipped to fall to 24th spot by 2037.

Nonetheless, the affluent nation still has the highest GDP per capita in the top 25 and its economy is forecast to remain robust in spite of poor growth. A GDP exceeding $1 trillion is anticipated by 2027.

Likewise, high-income Taiwan is on the path to joining the trillion-dollar economy club, but it won't get there until 2032.

Growth is set to decline from 3.3% to 1.7% by 2037, with Taiwan also slipping down the WELT rankings by two spots over the next 14 years.

That aside, the outlook is generally positive, apart from the prospect of a Chinese invasion, which would be completely devastating for the small island nation.

Even if that doesn't happen, worsening tensions with the People's Republic are likely to have a marked negative impact on Taiwan's economy in the future.

Poland's economy is one of the most dynamic in the EU. Although growth is projected to fall back by 2037, it's predicted to remain relatively strong at 2.3%, with everything from government debt levels to unemployment figures all favourable at present.

As a result, the country's GDP is forecast to exceed $1 trillion by 2032, while the country is set to move up a place in the WELT rankings by 2037.

The poorest performer in the top 25, Iran is poised to plummet from its current 2022 ranking of 11th to 21st by 2037. Cebr anticipates the country will see $486 billion (£404bn) wiped off its GDP over the next 14 years.

High oil prices boosted the economy somewhat in 2022, but the hurricane-force issues it's facing, which range from widespread social unrest to Western sanctions, show no sign of abating any time soon. Growth is projected to slow down from 3% to 1.9% by 2037.

On the flip side, Bangladesh is on target to be the highest climber in the top 25, rising from 35th place in 2023 to an anticipated 20th place by 2037.

Driven by bumper exports and internal transactions, and underpinned by sturdy fundamentals, growth is expected to hit a substantial 6.5% by 2027 and is tipped to stay that way through the following decade.

Currently standing at $429 billion (£356bn), GDP is pegged to break the trillion-dollar barrier by 2032 and hit $1.628 trillion (£1.35n) by 2037. No wonder the nation is forecast to skyrocket up the rankings...

The Netherlands' GDP is set to pass the trillion-dollar mark in 2023. A GDP growth of just 0.8% is on the cards, though Cebr predicts this figure will recover to 1.6% in 2024, before dropping slightly to an average of 1.5% between 2027 and 2037.

The Dutch economy is generally solid and, despite that lacklustre growth, the Netherlands is still expected to retain its 19th position in the rankings between now and 2037.

Saudi Arabia is another non-mover. The leading oil producer, which saw growth leap to 7.6% and its GDP surpass a trillion dollars this year due to elevated energy prices, is forecast to stay firmly in 18th position over the next 14 years.

While the nation's economic prognosis is solid as it diversifies away from fossil fuels and seeks to increase inward investment, growth is projected to drop to 2.4% by 2037.

Turkey – now known as Türkiye after the nation's recent rebrand – will have to wait longer to join the trillion-dollar club according to Cebr. However, by 2027 it will be a bona fide member, with a larger economy than Saudi Arabia.

After stalling at 2.7% due to headwinds such as sky-high inflation, Türkiye's growth is forecast to pick up in 2027 and average at 2.9% during the following decade.

With a 20th-place WELT ranking in 2022, the nation is set to move three places up the rankings by 2037.

Spain's economy isn't anticipated to recover to pre-COVID levels until 2024. Despite a strong labour market, declining government debt, and other advantages, the nation's growth is expected to slow between now and 2037, averaging at an underwhelming 1.5% over the decade following 2027.

That said, the country is still forecast to hold on to its 16th-placed WELT ranking. However, it's worth pointing out that Spain was the world's eighth-largest economy as recently as 2007. 

Mexico's economy will also take another year to return to pre-pandemic levels. Growth is projected to fall to 1.7% before recovering to average out at 2.2% between 2027 and 2037, with Mexico retaining its 15th spot in the league table.

While factors such as nearshoring (outsourcing to nearby countries) are helping to boost the economy, a US slowdown across 2023 could hamper growth. Other issues include Mexico's excessive levels of violent crime and corruption, which largely centre around the country's powerful drug cartels.

Russia's economic wellbeing has taken a battering following its invasion of Ukraine in February 2022, with the cost of war and Western sanctions both steep.

While Cebr suggests that the success of the sanctions has been mixed and that Russia is likely to sidestep the West's oil price cap, the country's economy is still forecast to contract by 2.8% this year.

This will be followed by stagnation in 2024 before growth recovers to average out at a rather muted 1.3% over the subsequent decade.

Unsurprisingly, the rogue state's position in the rankings is set to suffer and it's forecast to have dropped five places by 2037.

The Australian economy has recovered from the pandemic with aplomb – but it's not all good news.

Ongoing factors such as high rates of inflation, an economic slowdown in crucial trading partner China, and flagging demand for its fossil fuel resources could prove to be major stumbling blocks.

In any case, Cebr expects the nation's economy to pick up again in 2027, with growth averaging at a respectable 2.2% over the following decade. Australia is also anticipated to climb up the rankings by one position. 

Italy is now the world's 10th-largest economy, which represents a four-place drop since 2004. The country is set to slip another two positions by 2037, putting it in 12th place.

Dogged by weak growth, the Italian economy can't seem to get a break. A contraction of 0.4% is predicted for 2023 followed by annual growth averaging at a disappointing 1.3%.

Indonesia bounced back from the pandemic faster than many other countries and has actually benefitted economically from the war in Ukraine. This is due to the surging prices of its key export commodities, which include palm oil and thermal coal.

The one downside is inflation, but with a string of economic reforms in the pipeline, the country's future looks bright. Growth is set to remain comfortably above 4% on average over the next 14 years, with Indonesia moving six places up the rankings to 11th by 2037.

Canada is predicted to move two spots down the league table by 2037 and is likely to be overtaken by Indonesia before exiting the top 10 thereafter.

The nation's economy has much in its favour, with growth accelerating to an average of 2% between 2027 and 2037, which is comfortably above the G7 average.

But Canada's reliance on fossil fuels, which are crucial economic drivers at present, presents a huge challenge for the country as it strives to achieve carbon neutrality.

Currently in 13th position after dropping from 10th in 2022, South Korea is forecast to re-enter the top 10 in 2026 and to stay there through 2037.

While growth is expected to slow from an average of 2.4% between 2023 and 2027 to 2.3% over the following decade, the figure is still healthy for a high-income country and explains the predicted ascent up the league table.

A return to the top 10 is also predicted for Brazil, which dropped out of the list in 2020.

Latin America's leading economy is under new leadership but the freshly-elected President Lula has inherited a large fiscal deficit, among other problems, that could hamper growth.

However, its annual rate of GDP growth is still set to pick up from 1.8% to an average of 2.3% between 2027 and 2037.

France will remain in seventh place through 2037, partly due to governmental efforts to attract foreign investment, which should have a positive impact on growth.

Despite that, the rate won't be anything to write home about. It's expected to accelerate from a yearly average of 1.2% over the next five years to just 1.7% in the decade following 2027.

Cebr has revised down its forecast for the UK, though the country will still stay in 6th spot.

Previously expected to outpace the rest of Europe, the nation is now anticipated to perform more or less on average, with the GDP growth figure levelling out at 1.8% over the second half of the 2020s before dropping to 1.7% through 2037.

The reason? Higher interest rates and taxation, brought about by the Truss administration's reckless "mini-budget", which are set to drag on the UK's economic performance.

Europe's manufacturing powerhouse, Germany has been hit harder than most countries by the war in Ukraine given the dependence of its mighty industrial sector on Russian energy.

The German government is pulling out all the stops to source alternative suppliers, but its economy is still expected to contract this year.

A return to growth is forecast for 2024, although the figure will average at just 1.1% until 2027 and only 1.5% thereafter. Sitting in third place as of 2023, Germany is tipped to slip two spots in the WELT rankings by 2037.

Interestingly, Germany is poised to overtake Japan this year as the world's third-largest economy. However, the former will drop back to fourth place in 2024, with Cebr anticipating that Japan will then reclaim its 3rd place until the early 2030s.

Plagued by sluggish growth since the late 1990s, Japan isn't expected to see a change in its fortunes, with an average growth rate of 1% until 2027. This figure will fall to a dismal 0.8% between 2027 and 2037.

Needless to say, the country is projected to once more lose its coveted third-place WELT ranking later on in the 2030s.

Resilient in the face of the pandemic and a range of other factors, India's spectacular ascent in Cebr's league table continues.

The nation is set to become the world's third $10 trillion (£8.27tn) economy in the 2030s and the third largest overall, marking a drastic rise from its 12th-place spot in 2007.

Growth is forecast to average at a buoyant 6.4% over the next five years and is expected to improve further between 2027 and 2037, coming in at 6.5%.

The world's largest economy since it first surpassed China in 1890, the US is expected to be knocked off the top spot by 2037 – though this is notably eight years later than Cebr's previous prediction made in 2020.

Growth in America is outpacing previous estimates, while the outlook for China has worsened. However, according to Cebr, that won't be enough to stop the Asian superpower clawing back its crown by 2037.

Zero-COVID lockdowns and trade tensions with the West are behind the delay in China claiming first place in the WELT rankings.

Growth was subdued at 3.2% in 2022, and is set to rise to an average of 4% between 2023 and 2027, before slowing to 3.2% over the following decade.

While tricky headwinds include the troubled property sector and ageing population, the worst case scenario for the economy would be an invasion of Taiwan. If the Chinese government does decide to attack, Cebr predicts the resulting Western sanctions and loss of trade could scupper the nation's chances of ever overtaking the US.

Now discover which rich nations are facing a poor 2023