Top 10 largest Economies of world will be different in 2050 then what they are now. Citi report said that India will be the largest economy in 2050 passing USA and China. China will be largest economy in the world by 2020 and then India will overtake China in 2050. The estimates are based on PPP (purchasing power parity).
According to PPP India was behind USA,China and Japan in 2009. India will overtake Japan in 2015 to become the third largest.Going according to report India will surpass USA(the current largest economy) to become 2nd largest by 2040. Indian Economy is expected to be $85.97 trillion in 2050 on PPP basis.According to Citi the North America and Western Europe’s share of world’s real GDP will fall to 18% in 2050.
List of Top Ten Economies of World in 2050-
1) INDIA- With liberalisation and globalisation India’s growth rate has increased. India by solving all its current social, economic and political issues will go to the top of list and thus will emerge as the largest economy in the world.The report said that India’s GDP will grow at a rate of 8% between 2010-2050 and India’s population of working age is expected to grow by 40.7% between 2010-2050.For India a number of major changes will have to occur in a short period of time like India’s infrastructure has to be improved, there should be a change in educated number of youngsters, India needs to relax its hostile attitude towards FDI etc.Giving these changes India’s growth will increase by 2050 and India will be the top world economy.
2) CHINA- China is 2nd in list of biggest GDP’s by 2050. There has been tremendous growth in China in last two decades. According to reports China will overtake USA in 2020 and will become second largest economy in world. Citi predicts a growth rate of 5% p.a. for real per capita GDP between 2010-2050.
3) USA- USA is the current top world economy but its dominance is seen declining as the nations like India and China showed sustained growth to become the world leaders. The current economy will be at 3rd in terms of GDP.
4) INDONESIA- Indonesia is among fastest growing economies of world and will be 4th largest economy by 2050. Government of Indonesia has encouraged private investment to increase growth rate. Indonesia’s population will rise to 288 million in 2050 resulting working population to increase.
5) BRAZIL- Brazil will be at 5th position by 2050. It overtook U.K. in March 2012 as the worldwide 6th largest economy. Along with its natural wealth, agriculture, manufacturing and service industries it will continue to growth.
6) NIGERIA- Nigeria has achieved steady economic growth by maintaining political and social stability. Country’s oil industry accounts for 80% of its GDP. Its oil industry has managed very prudently. It has blessed with natural resources. The environment and economic management have improved in recent years. Citi expects average real per capita growth at 6.9% p.a. in Nigeria to be the highest among the countries.
7) RUSSIA- Russia will be 7th largest economy of world by 2050. It was once a superpower. It has steady economic growth in last decade. It has excess of natural resources.Citi predicts 3.7 percent real per capita GDP growth p.a. for Russia till 2050.
8) MEXICO- The economy of Mexico is 11th largest in the world currently. The country is well known for its car industry. Over past years, the country has been able to attain steady economic growth, low inflation and increased per capita income. Country is also making efforts for improving its infrastructure of manufacturing industries which accounts for larger part of its GDP. Mexico will be 8th largest world power by 2050.
9) EGYPT- Citi expects a steady growth rate for Egypt for the next 40 years at 5% p.a. till 2050. Egypt is now market oriented economy. There has been increase in foreign investment and its GDP. Its agriculture, manufacturing and service sector adds to its GDP. IMF also provides loans to the country. Its population is expected to increase to 129.5 million by 2050 and the population of working age is also expected to increase. Egypt will be 9th largest world economy by 2050.
10) JAPAN- Japan today is the second largest economic power by nominal GDP. However it will see other nations overtake it over the next 40 years. Japan will be the 10th biggest country by 2050. earthquake and tsunami worsened the economy but country is still perfect location for high-tech industries. Japan is the fourth largest exporter and sixth largest importer in the world. It is the only Asian country in G-8.
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Category: WORLD ECONOMY