DURBAN – PwC has released a report where the company previews the World in 2050 and what the largest economies will be in the next 31 years.
According to the report, the cumulative global GDP growth between 2016 and 2050 will be 130 percent while The projected share of China of the world's GDP at PPPs by 2050 will be 20 percent.
The report also found that another Asian country, India, will have a second place GDP ranking at PPPs by 2050. This puts India just behind China but ahead of the United States who are third in the ranking.
Also, by 2050 the EU27's share of the global GDP at PPPs will be 9 percent excluding the United Kingdom.
The key findings of the analysis show that the size of the world economy could more than double because of technology driven productivity advancements also emerging markets could grow almost as twice as fast advanced economies on average.
Six of the seven largest economies in 2050 will be emerging economies from countries like China, India, Indonesia and Brazil.
According to the report, the economies of emerging/developing countries need to better their institutions and the infrastructure substantially if they are to meet the their long-term growth potential.
Here are the top 10 world's largest economies in 2050:
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Ranking in 2050
Country
1.
China
2.
India
3.
United States
4.
Indonesia
5.
Brazil
6.
Russia
7.
Mexico
8.
Japan
9.
Germany
10.
United Kingdom
South Africa is one of three African countries that feature in the top thirty of 2050 world's largest economies. The other two countries are Nigeria and Egypt that are ranked 14 and 15 respectively. South Africa is ranked at 27.