China is set to overtake US economy in 2050

According to the latest World Bank figures, the economy of the United States is the largest in the world. At $18 trillion, it represents a quarter share of the global economy (24.3%). China follows, with $11 trillion, or 14.8% of the world economy. Japan is in third place with an economy of $4.4 trillion, which represents almost 6% of the world economy. India is in seventh place with $2 trillion. Although China trails the US by $7 trillion, it’s catching up. China’s economy grew by 6.7% in 2016, compared to America’s 1.6%, according to the IMF. However, the experts predict the US may not dominate for much longer.  A study by PricewaterhouseCooper gives a glimpse of how the world economy might look in 2050: 

WORLD ECONOMY IN 2050

A new study by PricewaterhouseCooper says that China will be in the first place by 2050, because emerging economies will continue to grow faster than advanced ones. Here is a snapshot of the study: 

* 130% cumulative global GDP growth between 2016 and 2050

* 20% China’s projected share of world GDP at PPPs by 2050

* 2nd India’s global GDP ranking at PPPs by 2050 (behind China but ahead of the US)

* 9% EU27’s share of global GDP at PPPs by 2050 (excluding the UK)

* Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average

* China (1st), India (2nd) and Indonesia (4th) 

are the emerging economies, which will be among the the seven largest economies of the world in 2050