PricewaterhouseCoopers (PWC) published their expectations about global economy around 2050. The latest report by the company presents the 32 largest economies in the world, which are responsible for around 85% of the world’s Gross domestic product (GDP), profit.bg writes.
According to PWC, the USA will not only be not in the foremost position, but they can even find themselves in the third spot, provided that India’s economy does better than expected in the forthcoming 34 years.
Around 2030 USA’s economy will be n second position – behind China – but things may alter in another 20 years, when the world’s second biggest economy will be India’s.
Around 2050 other interesting changes will take place. France’s economy won’t be among the top 10 in the world, while Great Britain will slump to tenth place. Italy will go out of top 20, with very well performing Mexico Turkey and Vietnam going there.
The list was made on the basis of expected GDP which was expressed in purchasing power (PP). According to it, China’s GDP about 2030 will increase to USD 38 trillion, compared to 21.2 trillion in 2016, and to 58.5 trillion in 2050.
The fast growth of China’s economy will only be able to be followed by India, which by the latest data has a GDP of 8.7 trillion dollars. The forecast about 2030 and 2050 about India’s economy is about increase in the GDP on basis of PP to 19.5 and 44.1 trillion dollars.
BY the middle of the century, in the list of the top ten largest economies (after China, USA and India) will be Indonesia, Brazil, Russia, Mexico, Japan, Germany and Great Britain.
It is also noted in the report that the world’s economy will double by 2042, growing up by an average rate of 2.5% between 2016 and 2050.
Also, between the 11th and 20th spot will be Turkey, France, Saudi Arabia, Nigeria, Egypt, Pakistan, Iran, South Korea, the Philippines and Vietnam.
Top 32, or all economies that by 2050 will have over 1 trillion dollars PP, is completed by Italy, Canada, Bangladesh, Malaysia, Thailand, Spain, South African Republic, Australia, Argentina, Poland, Colombia and the Netherlands.
Largest annual growth of their economy by 2050 will have Vietnam, India and Bangladesh, where it is expected that it will measure around 5 per cent for a year. The growth for the countries of E7 (Brazil, China, India, Indonesia, Mexico, Russia and Turkey) is expected to measure the average 3.5% in the next 34 years, compared to barely 1.6 per cent for the countries of G7 (Canada, France, Germany, Italy, Great Britain and the USA).