ICEF Monitor – Global economic power projected to shift to Asia and emerging economies by 2050
6 Mar 2015
The professional services firm PricewaterhouseCoopers (PwC) forecasting models project the world economy will grow at slightly more than 3% per year from 2014 to 2050, and that it will double in size by 2037 and almost triple by 2050. The report adds, however, that after 2020, they anticipate a slowdown in global growth. This is attributed to two main factors: a levelling off of the rate of expansion in China and some other major emerging economies, and a curbed rate of growth in the working age population in many large economies.
Other notable projections include:
- India will be the second-largest economy in the world by 2050 (in PPP terms, that is, and third when measuring GDP via MERs).
- Emerging economies Mexico and Indonesia will be larger than the UK and France by 2030 (again, when measuring GDP in PPP terms).
- Nigeria and Vietnam are expected to be the fastest-growing large economies through 2050.
The following table shows the current global ranking of world economies as of 2014 and the projected rankings for 2030 and 2050, all in PPP terms. Keep in mind that today’s newborns will be in secondary school in 2030.
Global ranking of the world’s largest economies, GDP in PPP terms, through 2050. Source: PwC
“Read the full article on ICEF Monitor” – Source: http://monitor.icef.com/2015/03/global-economic-power-projected-shift-asia-emerging-economies-2050/