The Star: World Economic Ranking - US 1, EU 2, China 3 - but ranking will change in 10 years say British

The Star"World Economic Ranking-US 1, EU 2, China 3 - but ranking will change in 10 years say British.

The British government, which takes on the presidency of the European Union later this year, published a report Tuesday outlining economic challenges facing Europe, including competition from emerging economies in Asia. The Treasury paper, which studies the implications of global economic trends on European countries, identifies rising Asian economies, integration and relocation of economic activity and rapid technological changes as challenges that will affect the 25-nation EU's ability to deliver economic growth, jobs and a high standard of living for its citizens.

The report predicts China's economy will be the second largest in the world within a decade, while the European Union will account for a diminishing share of world output.
It suggests that around 5 million service jobs from Europe and the United States could be relocated abroad by 2015. The report says increasing pressure will be placed on natural resources and Europe will need to take a leading role in tackling climate change through more efficient use of energy resources."