MUMBAI: India is set to overtake the United States as the world’s second-largest economy by 2050 according to a new report published by PricewaterhouseCoopers (PwC).
In a report titled “The long view: how will the global economic order change by 2050?” PwC ranked 32 countries by their projected global gross domestic product, which assesses the standard of living in each country and what people can buy on an average wage.
Economists at PwC believe emerging economies such as India, China, Brazil and Russia will boom at the expense of developed nations such as the United States, Britain, France and Germany.
In 2016, India held the third place in PwC’s table with a PPP of $8.721 trillion, but by 2050 it is projected to grow to a huge $44.128 trillion compared to US’s $34.102 trillion.
Largest GDP-PPP in 2050
John Hawksworth, PwC’s chief economist and co-author of the report said: ‘We will continue to see the shift in global economic power away from established advanced economies towards emerging economies in Asia and elsewhere.