America’s prestigious accounting firm Price Waterhouse Coopers Consulting (PwC) is predicting that China’s GDP will be ranked first in the world (26.50 trillion dollars) by the year 2030, followed by the United States (23.475 trillion) and India (7.84 trillion), calculated using the market exchange rate (MER) system, reports Deutsche Welle in Germany.
The MER calculation changes every country’s gross domestic product (GDP) into US dollars to aid comparison.
In 2016, the top three countries according to their GDP were the US (18.56 trillion US dollars), China (11.39 trillion) and Japan (4.73 trillion), followed by Germany, the UK, France, India, Italy, Brazil and Canada.
By 2050, the world’s economic output is expected to be twice as much as it is today, mainly boosted by technology. Six of the GDP top-ten seats will be given over to the so-called E7 Emerging Markets, namely China, Brazil, India, Indonesia, Mexico, Russia and turkey, with the total economy of the E7 nations making up half of the world’s total.
Economic growth among the E7 counties will mainly be due to a sharp increase in population, resulting in greater consumption, and a rise in job numbers, according to the PwC analysis.