South Korea is forecast to emerge as the world’s seventh-largest economy in 2030.

Britain-based economic consultant the Center for Economics and Business Research (CEBR) presented the projection on Dec. 23 (local time) in its World Economic League Table. According to CEBR, South Korea will join the “Big Boys’” club in 15 years. The report said that South Korea’s gross domestic product (GDP) will increase from US$1.41 trillion (1650.41 trillion won) this year to US$3.53 trillion (4134.21 trillion won) in 2030, rising from the world’s eleventh economy to seventh. With this trend, South Korea will overtake France, Italy, Brazil and Canada in 15 years to join the world’s eight leading economies (G8), according to CEBR.

Also, China is projected to surpass the United States to become the world’s largest economy in 2030. However, its growth will slightly slow down due to the transition from an export-oriented to domestic demand-oriented economy and the weak yuan.

Meanwhile, India, which is considered to be the world’s economic growth engine along with China, is forecast to become the third largest economy in the world by 2030 from the seventh this year. In contrast, CEBR said that Japan, Germany and the U.K., which currently ranks third, fourth and fifth in terms of the world’s economy, will be pushed down a notch to fourth, fifth and sixth.