China to become largest economy 'in 4 years' (2)

The G7 is made up of Canada, France, Germany, Italy, Japan, the UK and the US.

Fast-aging economic heavyweights, such as Japan and the eurozone, will gradually lose ground on the global GDP table to countries with a younger population, such as Indonesia and Brazil, the OECD said.

"The balance of economic power will shift dramatically over the next 50 years in a baseline scenario," Angel Gurria, secretary-general of OECD, said.

"The publishing of the long-term forecast report is a wake-up call as we will face new challenges to ensure a prosperous and sustainable world for all," Gurria said.

The report comes at a time when worries are mounting around the world over the eurozone debt crisis and the American budgetary challenge.

The OECD said that global output would edge up annually by 3 percent in the next half century, mainly driven by productivity improvements and human capital growth, while a great variance between regions and countries was expected.

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