Shifting Economic Power

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Shifting Economic Power

  • World economy could double in size by 2042
  • China has already overtaken the US to be largest economy based on GDP in PPP terms, and could be the largest valued at market exchange rates before 2030
  • By India could overtake the US by 2050 to go into 2nd place and Indonesia could move into 4th place by 2050, overtaking advanced economies like Japan and Germany
  • 2050, six of the seven largest economies in the world could be emerging markets
  • Vietnam could be the world’s fastest growing large economy over the period to 2050, rising to 20th in the global GDP rankings by that date
  • The EU27’s share of world GDP could fall to below 10% by 2050
  • UK could grow faster than the EU27 average in the long run if it can remain open to trade, investment and talented people after Brexit
  • Turkey could overtake Italy by 2030 if it can overcome current political instability and make progress on economic reforms
  • Nigeria has potential to rise up the global GDP rankings, but only if it can diversify its economy and improve governance standards and infrastructure
  • Colombia and Poland have potential to be the fastest growing large economies in their respective regions – Latin America and the EU.

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