China overtakes Japan; Is India in the race?

China finally overtook Japan as the second largest economy in the world. The rise of the red dragon was highly anticipated since the beginning of the decade; however, global economic downturn catalyzed a more rapid change in the world order.

China overtook US as the biggest automobile market in 2010 and Germany as the biggest exporter. India, touted by experts as the next big thing after China among developing nations, is expected to overtake Japan by 2037 and become the third largest economy by 2050.