We have just produced the latest in our series of reports looking ahead to the World in 2050.
The UK is predicted to drop to 11th place in rankings of the world’s largest economies by 2050. The global financial crisis and its aftermath has accelerated the shift of the economic centre of gravity to China, India and other emerging economies.
The emerging economies are set to grow much faster than the G7 over the next four decades. Figures for average growth in GDP in purchasing power parity (PPP) terms show Nigeria leading the way over the period from 2012 to 2050, followed by Vietnam, India, Indonesia, Malaysia and China. And in PPP terms, the E7 group of large emerging economies could overtake the G7 before 2020 and China overtake the US as early as 2017 on the same basis.