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India is likely to emerge as one of
the three largest economies by
2050, according to a PwC report.
The research and consulting firm
also said emerging economies are
set to grow faster than the
developed nations over the next
four decades.
China, the US and India are likely
to be the three largest economies
by 2050, while Brazil could
overtake Japan to be the fourth
largest economy, PwC said in its
report World in 2050 The BRICs
and Beyond: Prospects, challenges
and opportunities. It added that
Turkey could emerge as one of the
largest European economies, while
Indonesia, Nigeria and Vietnam
could climb the ladder strongly.
The global financial crisis has hit
the G7 much harder than the E7 in
the short-term. And it has also
caused downward revisions in the
estimates of longer term trend
growth in G7 particularly, those
economies in Europe and the US
that had previously relied on
excessive public and private
borrowing to drive growth, said
John Hawksworth, Chief Economist
and co-author of the report, PwC.
He added that the financial crisis
has accelerated the shift of the
economic centre of gravity and
China is expected to surpass the US
to become the largest economy in
the world by 2050.
As per PwCs report, in the
Purchasing Power Parity (PPP)
terms, the E7 could overtake the
G7 before 2020.
The shift in the global economic
centre of gravity is clear, but there
are still major challenges for the
emerging economies to sustain
their recent strong growth,
Hawksworth said adding that there
were huge opportunities for
Western companies in the emerging
markets alongside great
competitive challenges from fast-
growing emerging markets.
Emerging countries like India and
Brazil could face challenges such as
high fiscal deficits, while for Russia
and Nigeria, it is the over-reliance
on oil and gas revenues. Rising
income inequality leading to social
tensions is a cause for concern for
China and other fast-growing
economies, PwC said.
the three largest economies by
2050, according to a PwC report.
The research and consulting firm
also said emerging economies are
set to grow faster than the
developed nations over the next
four decades.
China, the US and India are likely
to be the three largest economies
by 2050, while Brazil could
overtake Japan to be the fourth
largest economy, PwC said in its
report World in 2050 The BRICs
and Beyond: Prospects, challenges
and opportunities. It added that
Turkey could emerge as one of the
largest European economies, while
Indonesia, Nigeria and Vietnam
could climb the ladder strongly.
The global financial crisis has hit
the G7 much harder than the E7 in
the short-term. And it has also
caused downward revisions in the
estimates of longer term trend
growth in G7 particularly, those
economies in Europe and the US
that had previously relied on
excessive public and private
borrowing to drive growth, said
John Hawksworth, Chief Economist
and co-author of the report, PwC.
He added that the financial crisis
has accelerated the shift of the
economic centre of gravity and
China is expected to surpass the US
to become the largest economy in
the world by 2050.
As per PwCs report, in the
Purchasing Power Parity (PPP)
terms, the E7 could overtake the
G7 before 2020.
The shift in the global economic
centre of gravity is clear, but there
are still major challenges for the
emerging economies to sustain
their recent strong growth,
Hawksworth said adding that there
were huge opportunities for
Western companies in the emerging
markets alongside great
competitive challenges from fast-
growing emerging markets.
Emerging countries like India and
Brazil could face challenges such as
high fiscal deficits, while for Russia
and Nigeria, it is the over-reliance
on oil and gas revenues. Rising
income inequality leading to social
tensions is a cause for concern for
China and other fast-growing
economies, PwC said.
