U.K. think tank "S. Korea is expected to rise 1 notch to 12th in economy next year"

South Korea's economy is expected to rise one notch from 13th in the world this year to 12th next year.

The CEBR, the U.K. Economic Management Institute, estimated South Korea's gross domestic product and GDP this year at $1.862 trillion, or about 2,730 trillion won, in its Global Economic Rankings report, which includes a long-term outlook.

He also estimated that GDP will be $1.903 trillion next year, about 2,790 trillion won.

The CEBR projected Korea's GDP growth to be 2.5% this year, slightly higher than the 2.3% forecast earlier this month by the Organisation for Economic Cooperation and Development and the OECD.

It also predicted that the Korean economy will grow at an annual average of 2.1% from next year to 2029, slowing down slightly, and that it will remain at an annual average of 2.0% for the next 10 years.

At the same time, South Korea's global economy is expected to rise to 12th next year and remain in the rankings until 2039.

In terms of per capita GDP, South Korea was expected to rank 32nd in the world this year with $35,971 and about 52.74 million won.

Meanwhile, the CEBR forecasts that the U.S. and China will still remain the top two economies by 2039.

Some predict that Japan, which is expected to rank fourth in the global economy this year after Germany, will be overtaken by India next year.

Emerging economic power India will also catch up with Germany around 2029 and remain firmly in the rankings over the next decade, the CEBR predicted.