LONDON, Dec 9 (Reuters) - Britain's Tesco will overtake France's Carrefour within the next five years to become the world's second-biggest retailer by turnover behind U.S. group Wal-Mart, according to a report on Tuesday.
Grocery market researchers IGD forecast Tesco would achieve compound annual growth of 11 percent between 2007 and 2012, led by expansion in China, the United States and India, and boosting its annual turnover to $157.1 billion by the end of the period.
That would just overtake Carrefour which, with forecast compound annual growth of 7 percent, would reach turnover of $157 billion by the same date, it said.
Wal-Mart, however, would remain way ahead, with annual turnover expected to rise over $100 billion to $476.2 billion.
"Emerging markets will not be immune to the global economic slowdown, yet the pace of growth will continue to outstrip that of the developed world," said Jonathan Gunz, senior business analyst at IGD.
"We estimate that in grocery, retail markets in China and India will each grow at a compound annual rate of 13.2 percent between 2008 and 2012, exceeding any other country in the top ten. Other emerging markets to watch include Indonesia, Ukraine and Vietnam," he added. (Reporting by Mark Potter; Editing by Rupert Winchester)