In ranking the future potential of economic powers throughout the world, a new report forecasts that the U.S. will fall behind China and India by the year 2050.
According to experts at PricewaterhouseCoopers (PwC), emerging economies, including India, China, Brazil, and Russia will boom while the economies of some advanced nations, including the U.S., will sink.
PwC’s report, titled “The long view: how will the global economic order change by 2050?” ranked 32 countries by their projected, global gross domestic product measured by purchasing power parity.
China is currently ranked as the most powerful economy in the world by purchasing power parity, placing it ahead of the U.S., which is currently ranked second.
However, the report predicts that by the year 2050, India will nudge out the U.S. and claim the number two spot, knocking the U.S. into third place.
Other advanced G7 nations are expected to grow their economies at a much lower rate, causing countries like France to drop off the top-ten list, altogether; while developing countries such as Brazil, Indonesia, Mexico, Russia, and Turkey are projected to grow at much faster rates during the next 34 years.
“Emerging economies offer great opportunities for business. … The numbers in our report make it clear that failure to engage with these markets means missing out on the bulk of economic growth we expect to see in the world economy between now and 2050,” John Hawksworth, the chief economist at PwC told BusinessInsider.com. “To succeed, businesses will need to adopt strategies with the right mix of flexibility and patience to ride out the short-term economic and political volatility that is a normal feature of emerging markets as they mature.”
Hawksworth further noted that the global economy faces a number of long-term challenges, such as aging populations and climate change, which will increase the need for sustainable development and forward-thinking policies.
H/T: Business Insider
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