It is not a secret that the U.S. has the largest economy in the world. However, according to the report prepared by PwC, China will overtake the North American country in several decades. Also, new superpowers will join the list of top ten economies.
Interestingly, the world economy is projected to keep growing at a rapid pace despite numerous problems. Moreover, based on the preliminary information, the global market will become twice larger than it is today.
The World in 2050 is the name of the report prepared by international professional services firm PwC. Thanks to this report, it is possible to learn more about the future of the global economy. Importantly, according to the report, the list of top economies by 2050 will include several new members. For example, Mexico, Russian Federation, and Indonesia will join this list.
Moreover, China will become the largest economy around the globe. Also, the second place will be occupied by India and the U.S. will be the third-largest economy. This is not the end of the story as another member of G-7, Japan instead of the current fourth place, will drop to 8th place.
Furthermore, the European economic powerhouse Germany will relocate from the current fourth and will become the ninth-largest economy.
It is worth mentioning that, even smaller economies like Vietnam, the Philippines and Nigeria will see huge leaps in their respective rankings.
The future of the global economy and superpowers
Currently, China has the world’s second-largest economy. However, purchasing power parity (PPP) China is already the largest economy. Moreover, this country is developing, it has the chance to become the top economy.
In the case of China, it is not surprising that its economy has the potential to achieve even bigger results. However, there is another country that will join the list of superpowers. This country is India. As a reminder, India is home to more than 1 billion people.
According to the report prepared by PwC, India’s economy is expected to see massive growth over the next three decades. As a result, by 2050 India’s economy will account for 15% of global world gross domestic product (GDP). Thanks to massive growth, India will become the second-largest economy.
In several decades, Brazil will become the fifth-largest economy according to PwC. Brazil’s economy expanded during the past few decades.
Another newcomer to the list is Mexico. According to the report, by 2050 Mexico will become the seventh-largest economy in the world. Currently, it is not far from the top economies, as Mexico is in 11th place.
Moreover, Indonesia will become the fourth-largest economy around the globe. The World in 2050 report contains interesting information. New superpowers such as India, Indonesia and Brazil will redefine the global economy. Moreover, other countries such as Mexico will play a bigger role in the global economy.