China appears to be on path of overtaking the US which holds the rank of world´s largest economy.
Spending by consumers in China could propel the country into the top position as early as 2024, according to the economic monitor IHS.
The US has been the biggest global economy for more than 100 years.
The prediction is based gross domestic product calculations. If other measurements, such as purchasing power parity, are used, China could become number one sooner than anticipated.
The model is predicated on an increase in household spending from around $10 trillion in 2014 to $28.3 trillion by 2024. The US economy is expected to grow from around $17.4 trillion to $27.4 trillion over the same period.
Analysts believe consumer spending in China will grow at an annual average rate of 7.7% every year in real terms over the next decade to become "a key engine of global consumer demand".
IHS said that rapid growth in consumer demand would provide a boost to other Asian countries, particularly South Korea and Australia, through tourism and trade ties.
But the IMF has said that China needs to introduce structural reform to ensure sustainable growth and to curb its credit boom. Without these, it said, the Chinese economy could slow down considerably.
