Our projections imply that the world's five largest economies in 2050 (measured in real USD) will be China, the US, India, Indonesia, and Germany (with Indonesia displacing Brazil and Russia among the largest EMs).
Richest Country in 2050 will be United Kingdom
The United Kingdom's Gross Domestic Product in 2050 is estimated to be 3.58 trillion US dollars, with a per capita income of 49,412 US dollars. The present gap between the British economic wealth and Germany's economic wealth will contract significantly.
In the univariate model, China will be the largest economy in the world in 2100, producing some 27% of global output. India will be the second largest economy accounting for 16.2% of global output and the US will be third with 12.3% of global output. So, it's the century of China then.
India will be able to become USD 5-trillion economy by 2027, Bharti Enterprises founder and Chairman Sunil Mittal said on Saturday.
The IMF's World Economic Outlook earlier said the size of the Indian economy will increase from $3.2 trillion in 2021-22 to $3.5 trillion in 2022-23 and cross $5 trillion in 2026-27.
According to a recent report by Harvard University, “From economic complexity growth estimates, India is growing at the annual list at the rate of 7.9 percent as the fastest growing country for the coming decade.
China is expected to hold on to the number one spot. In 2050, the Asian giant is forecast to have the largest economy on the planet. With an ageing population and an annual GDP growth rate averaging just 4.4%, however, China isn't projected to enjoy the exceptional economic growth it experienced during the 2000s.
A new study published yesterday in The Lancet journal has predicted that India, Nigeria, China and the United States (U.S.) will be dominant global powers by the year 2100. The publication's Editor-in-Chief, Dr. Richard Horton, said: “This research charts a future we need to be planning for urgently.
In 2017, Center for International Development at Harvard University, published a research study, projecting that India has emerged as the economic pole of global growth by surpassing China and is expected to maintain its lead over the 2020s.
By 2025, the United States would still be the most powerful country of the world, but it would have a little over 18% of the global power. The US would be closely followed by China (nearly 16%), European Union (14%) and India (10%).
China – The world's manufacturing hub, China is expected to be most powerful economy by 2050. A number of leading organizations such as United Nations, World Bank and European Union have also indicated towards China's rising influence in world order.
China, France, Russia, the United Kingdom, and the United States are often referred to as great powers by academics due to "their political and economic dominance of the global arena". These five nations are the only states to have permanent seats with veto power on the UN Security Council.
There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.
“By 2050, for example, more than 40 percent of the extremely poor people in the world will live in just two countries: Democratic Republic of the Congo and Nigeria. Even within these countries, poverty is concentrated in certain areas,” says the report.
China will replace the US as the world's biggest superpower by 2030: UBS survey.
For men, the group expects they will live to be 83 to 86 instead of the government's projection of 80 years average life expectancy in 2050. S. Jay Olshansky, co-author of the report, said a few extra years life might not sound important, but it will cost us socially and financially.
The report warns that, by 2040, global temperatures are expected to rise 1.5 degrees Celsius above pre-industrial levels, meaning that most people alive today will see the dramatic effects of climate change within their lifetime.
Heatwaves will be more frequent and long-lasting, causing droughts, global food shortages, migration, and increased spread of infectious diseases. Moreover, as the polar ice will melt, sea levels will rise substantially, affecting a large number of coastline cities and as many as 275 million of their inhabitants.
There will be "far worse extreme weather events than those we see today. withering droughts, epic floods, deadly hurricanes, and almost inconceivably hot heatwaves; a typical summer day in midlatitude regions like the U.S. will resemble the hottest day we have thus far ever seen." Dr.
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
TOKYO – China is expected to overtake the United States by 2035 to become the world's largest economy, based on both countries' current growth trajectories, said prominent Chinese economist Zhu Min, a former deputy chief of the International Monetary Fund (IMF).
India's economic growth is expected to remain “strong” even as prospects for other South Asian nations “are more challenging.” India is projected to grow at 6.7 per cent in 2024, the fastest-growing major economy in the world, the flagship report had said.