By: Aur Sunao
Pakistan, Egypt, and Nigeria may be among the world's top economies in 50 years due to their population growth. By then, Pakistan's Real GDP will be $12.7 trillion and its GDP per capita $27,100. Two economists expect China's GDP to surpass the US's in 2035. In 2075, India's GDP will surpass the US's.
Goldman Sachs boosted their long-term growth estimates for the BRIC economies (Brazil, Russia, India, and China) to 70 emerging and developed economies two decades later. Economists now project 104 countries through 2075.
"Protectionism and climate change" were key risks for growth and income convergence, according to Daly and Gedminas. Environmental catastrophe and populist nationalism were the economists' main concerns.
The research noted that worldwide growth had slowed from 3.6% to 3.2% during the preceding decade, and the downturn was broad-based. Economists predicted global growth will average 2.8% between 2024 and 2029 and then decline. They anticipated that developing markets will continue to converge, with China, the US, India,
Indonesia, and Germany topping the dollar-based list of largest economies. Nigeria, Pakistan, and Egypt may also be.