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Five Superpowers Ruling the World in 2050

Five Superpowers Ruling the World in 2050
PwC | Illustration

Brexit, coronavirus, and trade tiffs may be making economic headwinds, but despite immediate challenges, the world economy is projected to keep growing at a rapid pace over the next few decades.

In fact, by 2050, the global market is projected to double its current size, even as the UN forecasts the world’s population will only grow by a modest 26%, BBC reported.

Image: PwC
Image: PwC

 

This growth will bring with it plenty of changes. Though it can be challenging to predict exactly how the future will unfold, most economists agree on one thing: today’s developing markets will be tomorrow’s economic superpowers.

According to The World in 2050 report by international professional services firm PwC, in 30 years, six of the seven of the world’s largest economies will be today’s emerging economies, surpassing the US (dropping from 2nd to 3rd), Japan (dropping from 4th to 8th) and Germany (dropping from 5th to 9th).

Image: PwC
Image: PwC

 

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).

Image: PwC
Image: PwC

 

Even relatively smaller economies like Vietnam, the Philippines and Nigeria will see huge leaps in their respective rankings over the next three decades, according to the report.

Emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential.

 

Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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