India among three largest economies by 2050: Study
Growing at a pace faster than other G-20 countries, India is likely to emerge as one of the top three economies of the world along with the US and China by 2050, according to a study.
In terms of GDP, India’s GDP is expected to increase by 16 times from the current USD 1.1 trillion to USD 17.8 trillion by 2050, said the November issue of ‘International Economic Bulletin’ of the prestigious Carnegie Endowment for International Peace.
The bulletin projects that between 2009 and 2050, Indian economy is expected to grow at 6.19 per cent point. It indicates that by 2050, India would be one of the three largest economies of the world - the other two being the US and China.
Of the G-20 countries, it is projected that India would grow most rapidly and that in terms of PPP, Indian economy would be 97 percent as large that of the US by 2050.
The report entitled ‘The G20 in 2050’ said that the world’s economic balance of power is shifting dramatically.
By 2050, the United States and Europe, long the traditional leaders of the global economy, will be joined in economic size by emerging markets in Asia and Latin America.
China will become the world’s largest economy in 2032, and grow 20 per cent larger than the US by 2050, it said.
Over the next 40 years, the report said nearly 60 per cent of G20 economic growth will come from Brazil, China, India, Russia, and Mexico alone.
However, these emerging markets will not rise among the world’s richest countries in per capita terms: their average income in 2050 will still be 40 per cent below that of the G7 states today.
The end of the decades-old correlation between economic size and per capita income will have profound effects on global economic governance.
The G20’s recent transformation into the world’s principal economic forum highlights the beginning of a more integrated and complex economic era.
Over the next 40 years, the G20 GDP is expected to grow at an average annual rate of 3.6 per cent, rising from USD 38.3 trillion in 2009 to USD 161.5 trillion in 2050, in real US dollar terms.
Nearly 60 per cent of this USD 123 trillion dollar expansion will come from Brazil, Russia, India, China and Mexico (BRIC+M).
These five economies will grow at an average rate of 6.1 per cent per year, raising their share of G20 GDP from 18.7 per cent in 2009 to 49.2 per cent in 2050, the report said.
With China, India and the United States emerging as the world’s three largest economies in 2050, the report said their total GDP, in real US dollar terms, will be over 70 per cent more than that of the other G20 countries combined.
In China and India alone, GDP is predicted to increase by nearly USD 60 trillion - the current world GDP - but the wide disparity in per capita GDP among these three will persist, it said.
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The original ‘International Economic Bulletin’ of the Carnegie Endowment for International Peace.-----
The G20 in 2050 - Carnegie Endowment for International Peace
It takes hell lot of character and hard work to create wealth for oneself and others. Today America is numro uno because it is a land of entrepreneur. Forget about the job creations and taxes, don't we want to see Indian brands dominating world markets; these are the people who are or who can and will do it for us. China can't compete in this list because of their government and governance methods
