A report, published Feb. 7, shows the economies of Egypt and Pakistan could surpass Canada by 2050.
The findings, which management consultancy PricewaterhouseCoopers summarized in a report, showed that emerging economies, like those in Pakistan, Egypt, Indonesia and Mexico, could surpass western economies in as little time as a few decades.
“By 2050, emerging economies such as Mexico and Indonesia are likely to be larger than the UK and France, while Pakistan and Egypt could overtake Italy and Canada,” the report states, notes the Financial Post.
In terms of growth, Vietnam, India and Bangladesh could be the fastest growing economies over the period to 2050, averaging growth of around 5 percent annually.
By 2030, Pakistan will become the 20th largest economy -- up from the 24th -- and India will ultimately overtake the U.S.
“China has already overtaken the US to become the world’s largest economy in PPP terms, while India currently stands in third place and is projected to overtake the US by 2040 in PPP terms,” the report states, according to the Express Tribune.
“When looking at GDP measured at market exchange rates, we do not see quite such a radical shift in global economic power, reflecting the lower average price levels in emerging economies. But China still emerges as the largest economy in the world before 2030 and India is clearly the third largest in the world by 2050, so there is still a considerable shift in economic power towards Asia in particular whichever measure we use.”
India will become the second largest economy by 2050, coming in second after China.