European economies will underperform those in Asia in the coming years as green policies hurt growth, according to a report.
The Center for Economics and Business Research (CEBR) expects global output to rise from £82 trillion this year to £173 trillion by 2038.
Most of the growth will reflect catching up between previously less developed economies and more mature economies, the report said.
How CEBR predicts different global economies from 2023 to 2028
Douglas McWilliams, vice-president of the CEBR, said: 'A driving factor is likely to be the difference in pace in implementing Net Zero.'
He added: “The EU is leading the way in this. Asian economies are likely to develop more slowly, at a pace where economic costs are smaller. India, Korea, Indonesia, Bangladesh, Vietnam and the Philippines (will) rise significantly.”
The US remains the world's largest economy, followed by China. Great Britain is sixth.
However, the CEBR said China would be the largest by 2038, with Britain still in sixth place.
The biggest gainers will be Vietnam (37th to 21st), Bangladesh (35th to 20th) and the Philippines (39th to 23rd).
The CEBR said the US needs to overtake China again in the 2050s before India takes the top spot in the 1980s.