Planet earth will be very different 31 years from now. The countries which dominate the global economy will be different as well the way we live and work. The world in 2050 will see Asia dominate and new players rise. It’ll be an exciting time to be alive.
According to a recent study by PwC emerging economies will grow at a faster pace than developed ones and will, if managed well, be able;e to supply tremendous opportunities for their citizens. In fact global GDP could grow by as much as 130% by 2050 with China accounting for a full 20% of the world’s GDP.
Other Key Highlights Include:
- The world economy could more than double in size by 2050, far outstripping population growth, due to continued technology-driven productivity improvements
- Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average
- As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)
- The US could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10% by 2050
- UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively
- But emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential.
Vietnam and the Philippines could be the biggest movers in the decades ahead going at an average annual rate of 5.1% and 4.3% respectively. The World in 2050 will have solidly reset towards the east.