The World In 2050:- Nigeria’s GDP Projection

Mr Ejump

The long view: how will the global economic order change by 2050?

#world2050

130%

Cumulative global GDP growth between 2016 and 2050

20%

China’s projected share of world GDP at PPPs by 2050

2nd

India’s global GDP ranking at PPPs by 2050 (behind China but ahead of the US)

EU27’s share of global GDP at PPPs by 2050 (excluding UK)

Key findings

This report sets out our latest long-term global growth projections to 2050 for 32 of the largest economies in the world, accounting for around 85% of world GDP.

Key results of our analysis (as summarized also in the accompanying video) include:

The world economy could more than double in size by 2050, far outstripping population growth, due to continued technology-driven productivity improvements

Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average

As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)

The US could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10% by 2050

UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively

But emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential.

Population growth will be a key driver of GDP growth in many emerging markets, such as Nigeria, Pakistan and India. But a key challenge will be to create enough jobs in these economies for their young people.
Nigeria, Pakistan and India will experience some of the greatest population growth to 2050, but growth in average GDP per capita are projected to be relatively less strong in these economies.

According to Dr.Andrew S. Nevin, Chief Economist, PwC Nigeria: “Nigeria’spotential advantages for future growth include a large consumer market, a strategic geographic location as a hub for Africa, and a young and entrepreneurial population. The first step in harnessing this opportunity requires deliberate efforts to improve value-adding activity in the non-oil economy, particularly in agriculture and services.”