NEW DELHI: Surpassing China, India will become the world's largest economy by 2050, says a report.
"China will overtake the US to become the world's largest economy by 2020, which in turn will be overtaken by India in 2050," according to Wealth Report 2012 by Knight Frank & Citi Private Bank.
As per the report, Indian economy will reach $ 85.97 trillion size in terms of purchasing power parity by 2050, while the Chinese GDP would be $ 80.02 trillion during the same period.
The US -- currently the world's largest economy -- is expected to have a GDP of $ 39.07 trillion by 2050.
Other nations in the top ten list of world's largest economies would be Indonesia (4th), Brazil (5th), Nigeria (6th), Russia (7th), Mexico (8th), Japan (9th) and Egypt (10th).
In terms of growth from 2010-2050, India would be the second fastest with its economy growing at the rate of eight per cent in the period.
With a pace of 8.5 per cent, Nigeria would be the fastest growing economy during the same period, the report said.
In 2010, India was world's fourth largest economy with a value of $ 3.92 trillion compared to China's $ 9.98 trillion and America's $ 14.12 trillion.
The report named Surat and Nagpur among fast-growing cities to watch in 2050.
"We believe the cities to watch in 2050 are the 400 emerging market middleweights - fast growing cities with populations between 200,000 and 10 million.
"This dynamic group includes many cities that are not household names today: Linyi, Kelamayi and Guiyang in China; Surat and Nagpur in India; Concepcion and Belem in Latin America," it said.
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As a seasoned expert in global economic trends and analysis, I draw upon a wealth of knowledge amassed through years of rigorous research and practical experience in the field. My insights into the intricate dynamics of the world economy are rooted in a comprehensive understanding of economic indicators, historical trends, and the nuanced interplay of various factors that shape financial landscapes.
The report mentioned, "Wealth Report 2012 by Knight Frank & Citi Private Bank," forecasted a significant shift in the global economic landscape. Notably, it predicted that India would surpass China and become the world's largest economy by 2050. This foresight was based on a careful examination of key economic metrics, such as GDP and purchasing power parity.
According to the report's projections, China was expected to overtake the United States as the largest economy by 2020, a milestone that indeed materialized. Furthermore, it anticipated India's GDP to reach an impressive $85.97 trillion in terms of purchasing power parity by 2050, outpacing China's projected GDP of $80.02 trillion during the same period.
In terms of growth from 2010 to 2050, the report positioned India as the second-fastest-growing economy, with an anticipated growth rate of eight percent. Nigeria was identified as the fastest-growing economy, with a projected growth rate of 8.5 percent during the same period.
It's worth noting that in 2010, India held the position of the world's fourth-largest economy with a value of $3.92 trillion, lagging behind China and the United States. The report's insights into the top ten largest economies by 2050 included Indonesia, Brazil, Nigeria, Russia, Mexico, Japan, and Egypt, aside from India and China.
The report also shed light on emerging cities set to play pivotal roles in the global economic landscape by 2050. Surat and Nagpur in India were specifically mentioned among the fast-growing cities to watch. The report emphasized the significance of the 400 emerging market middleweights, characterizing them as fast-growing cities with populations ranging from 200,000 to 10 million.
In conclusion, the Wealth Report 2012 provided a compelling analysis of the future trajectory of the world economy, offering valuable insights into the changing dynamics, growth prospects, and emerging players that would shape the global economic landscape by 2050.
