Power of Emerging Economies
PricewaterhouseCoopers (PwC) predicted that the Korean economy would rank 17th in the world by 2050.
According to a recent report, China is expected to be the largest economy in the world in 2050 after outdoing the United States in terms of purchasing power parity in 2017 and market exchange rate in 2027.
China is forecast to be followed by India (3rd), Brazil (5th), Russia (6th), Mexico (7th), Indonesia (8th), Germany (9th), and France (10th). Britain, Turkey, Nigeria, Italy, Spain, and Canada took the 11th through 16th places, while Saudi Arabia, Vietnam, and Argentina held the 18th to 20th places.
PwC explained that the emergence of China, India, , and the like would be led by the expansion of their consumer markets as well as lower production costs.
In the meantime, the Centre for Economics & Business Research (CEBR), a British think tank, predicted on Dece. 26 last year that Korea would rank eighth in terms of GDP in 2030.