Our children and grandchildren will live in a vastly different global economy. Someday, U.S. economic dominance will be a distant memory. A new report is showing just how soon that might be. The paper, from the Organization for Economic Cooperation and Development, a European-based think tank, shows that over the next 50 years, the size of China and then India’s economies will surpass that of the U.S.

According to the report, the global economy is expected to undergo seismic shifts over the next 50 years. China will surpass America as the world’s largest economy as early as 2016, and a fast-growing Indian economy will outstrip the American economy by 2060.

These are just individual examples of a broader change that will take place over that period. The share of global GDP from OECD member countries-currently consisting of many of the world’s large, advanced economies, like the U.S., European Union member countries, Japan, Australia, Canada, and Mexico-will shrink considerably, from nearly 65 percent as of 2011 to 49 percent in 2030 and just over 42 percent in 2060. Non-OECD countries, a group that includes all of the emerging BRIC countries (Brazil, Russia, India, and China), will likewise grow, from 35 percent in 2011 […]