Global economic shift: Five emerging nations poised for world economic dominance

FILE PHOTO: U.S. and Chinese flags are seen in this illustration taken, January 30, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Countries globally are defined by their economic growth and general development. This usually determines the ranking of the country among developed, developing, or underdeveloped categories.

For years, the United States of America has remained the undisputed world’s largest economy with factors including its Gross Domestic Product (GDP). In 2023, the U.S. GDP rose from 25.5 trillion dollars to 27.36 trillion dollars.

A country’s GDP is what gives information about the size of the economy and its economic performance.

The U.S., Japan, Germany, France, and the United Kingdom (UK) were ranked as the world’s largest economies in the 1980s but the UK switched places in 2000 to replace France at the fourth position.

In 2022, the United States, China, Japan, Germany, and India had the highest GDP figures with the U.S. standing at $25.5 trillion, China at $17.9 trillion, Japan at $4.2 trillion, Germany at $4.1 trillion and India at $3.4 trillion.

By 2023, Germany had its figures rising to $4.4 trillion ahead of Japan whose GDP stood at $4.2 trillion.

The UK came in sixth with $3.3 trillion in 2023, France was seventh with a GDP of $3 trillion, Italy followed with $2.2 trillion, Brazil with $2.13 trillion and Canada came tenth with $2.12 trillion.

The dynamics are likely to change in some 26 years and 50 years to come.

World’s largest economies by 2050, 2075

According to a Goldman Sachs report titled “25 largest economies in the World by 2075”, projections imply that the world’s five largest economies in 2050 (measured in real USD) will be China, the US, India, Indonesia, and Germany.

China is likely to displace the U.S. to become the world’s largest economy while Indonesia replaces Brazil and Russia among the largest.

This projection extended to 2075 according to the report, will see countries like Nigeria, Pakistan, and Egypt rising among some of the largest economies globally.

India is estimated to take the place of the United States as second largest economy worldwide. The U.S. is expected to become third.

The others are Indonesia, Nigeria, Pakistan, Egypt, Brazil, Germany, United Kingdom.

Emerging countries rising to become dominant

India, Indonesia, Nigeria, Pakistan, and Egypt are the five Global South countries predicted to rise among the list of world economic giants.

The report however indicates that this prospect is only possible if the countries involved implement the appropriate policies and institutions to drive growth.

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