Will the shift in global economic power continue? PriceWaterhouseCoopers (pwc) World in 2050 report presents economic growth projections for 32 of the largest economies in the world, accounting for around 84% of global GDP. They project the world economy to grow at an average of just over 3% per annum in the period2014–50, doubling in size by 2037 and nearly tripling by 2050.
The global economic power shift away from the established advanced economies in North America, Western Europe and Japan will continue over the next 35 years. China has already overtaken the US in 2014 to become the largest economy in purchasing power parity (PPP) terms. In market exchange rate (MER) terms, we project China to overtake the US in2028 despite its projected growth slowdown.
By 2050, India will have overtaken the US as the world's second largest economy. The gap between the three biggest economies, China, India and the US, and the rest of the world will widen over the next few decades.
Countries with emerging economies today will overtake G7 countries in terms of GDP. E7 economies, China, India, Brazil, Mexico, Russia, Indonesia and Turkey, will, combined, dwarf the G7 economies, Canada, France, Germany, Italy, Japan, the UK and the US, by 2050.
Christianity will still be the dominant religion. However, Islam will be the fastest-growing religion. Atheism will rise, but not in the West mainly due to ageing populations and low fertility rates in countries such as Japan and China.
The world population will reach 9.6 billion. An increasingly large population may result in issues such as food shortages, according to the UN Food and Agriculture Organization. Humans are expected to live longer. The average life expectancy will be 76 by 2050.
Global CO2 emissions will steadily increase. In 2010, the world produced around 33 gallstones of CO2 - by 2050 its predicted to be 55.87 gigatonnes which could have truly disastrous effects.
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