There have been several reports regarding the United States, the world’s largest economy, which indicate that the US will no longer be the largest economy by 2050. Reports say that India and China will leave it behind. According to another report, China will overtake America to become the world’s largest economy in 2028.
The Center for Economics and Business Research (CEBR) said China would overtake the US more than a decade earlier. This report is three years old, so it was said that China has quickly recovered from the impact of the Corona epidemic. In the report, experts say that China will soon reduce the gap between China and the US economy.
Douglas McWilliams, vice president of CEBR, said: ‘The key to this forecast is that China’s economic growth has accelerated and we think China will become a high-income economy between 2020-25. It will overtake America in five years.
India will become the world’s second largest economy by 2035
China’s share in global GDP has increased from 3.6 percent in 2000 to 17.8 percent. The report estimates that India will overtake Britain to become the world’s second largest economy by 2035. India overtook France and Britain in 2019 and will become the world’s fifth-largest economy in 2024, CEBR said. However, the report also said that it may lag behind the UK for some time due to rupee devaluation, but this phase will be very short-lived. After this the economy will improve again and by 2035 India will emerge as the second largest economy in the world.
China will become the world’s top economy by 2035
A think tank has also made a similar estimate regarding China’s economy. Earlier this month, China’s state-owned Global Times published a report citing a think tank that said China would become the world’s largest economy by 2035. Experts say if China maintains 5 percent annual GDP growth over the next five years and continues to grow at 4 percent by 2035, it will overtake the US. The report said China is investing more than the US and if it invests 40 per cent of GDP and maintains 5 per cent growth, its economy will become bigger than the US and the EU.
The impact of environmental changes will be visible on the economy in 15 years
The report also mentions the impact of natural disasters on the economy. The report says that environmental changes will have a serious impact on the global economy within 15 years. The report said that many countries are planning to move towards a carbon zero economy in the next decade. This will reduce demand for fossil fuels and lower oil prices. By 2035, the price of a barrel of crude oil will fall to $30.
Asian countries will become the world’s biggest superpower by 2050
The ‘World in 2050’ report by PricewaterhouseCoopers International Limited or PwC predicts that economies like Germany and France will drop out of the top 5 list by 2050, while countries like Indonesia and Brazil will remain in the list. According to this, three Asian countries will be China, India and Indonesia among the top 5 economies. The report said the world economy will double by 130 percent by 2050, with the largest share coming from the E7 or developing countries.
The report said that the economies of E7 countries will grow faster than those of the G7 or developed countries. In 2050, China’s share in the global economy will increase to 20 percent and India’s share to 15 percent. At the same time, America’s share will reduce from 16 to 12 percent and the share of European Union countries will reduce from 15 percent to 9 percent. The E7 group includes India, China, Indonesia, Bangladesh, Pakistan, Vietnam, and Nigeria, while the G7 group includes the United States, United Kingdom, Japan, France, Germany, Canada, and Italy.
The report presents data on the world’s 20 largest economies in 2050. According to the data, Vietnam, which ranked 32nd in 2016, will fall to 20th by 2050. Its GDP will grow at the rate of 5.1 percent annually. At the same time, Philippines will move from 28th to 19th position and its GDP will increase by 4.3 percent. Additionally, it will move from 22nd to 14th position with 4.2% annual GDP growth
