June 23, 2015
Mexico and Indonesia will displace Russia and Italy among the top 10 economies in just 35 years’ time, with China, the U.S. and India taking the top three slots, according to forecasts by the Economist Intelligence Unit.
The world’s most populous nation will overtake the U.S. as early as 2026 in nominal gross domestic product in dollar terms. India and China will each be richer than the next five nations — Indonesia, Germany, Japan, Brazil, and the U.K. — combined, representing “a scale of wealth relative to the rest of the top ten that is unique in recorded history,” according to the EIU.
In terms of per capita incomes, China is projected to almost catch Japan by 2050, and be just under half the U.S. level from 14 percent in 2014. India’s spending power will surge to about 24 percent of the U.S. consumer from just 3 percent, the EIU said. Asia will account for 53 percent of global gross domestic product by 2050, with Europe’s share declining, according to the EIU.
This article was posted: Tuesday, June 23, 2015 at 10:18 am