The Top 10 Strongest Economies in the World by 2050: Italy’s Position
The Future of Global Economies: Predictions for 2050
Understanding the future of the global economy involves analyzing economic trends, major macro data projections, and geopolitical factors.
All these elements combined can paint a picture of how the world economy will evolve in the upcoming years.
According to a report by the OECD, the world’s population is expected to surpass 9 billion by 2050.
This growth will further increase consumption and the demand for essential natural resources, especially in the energy and food production sectors.
By 2050, the global GDP is projected to nearly quadruple, with significant discrepancies among countries.
While China and India are expected to experience a slowdown in their growth rates, African nations are poised to reach unprecedented levels of economic development.
The Biggest Economies in 2050
According to PwC’s report titled “The World,” China is forecasted to become the world’s largest economy by 2050, contributing approximately 20% to the global GDP.
Surpassing the United States in terms of purchasing power parity (PPP) has already solidified China’s leading position.
It is anticipated that China will officially overtake the US as the largest economy in the world before 2030, while India will rank third by 2050.
In 2050, both China and India are likely to surpass the United States, which currently holds the title of the world’s largest economy.
Conversely, concerning Europe, the EU’s share of the global GDP is expected to drop below 10%, while the emerging E7 economies (Brazil, China, India, Indonesia, Mexico, Russia, and Turkey) are projected to grow almost twice as fast as the G7 economies.
The latter face an average annual population decrease of -0.3% between 2016 and 2050 within the working-age population.
Ranking of the Strongest Economies in the World by 2050
Based on Fathom’s report “Economics in the Year 2100,” which provides insights into the estimated percentage share of countries in the global GDP in 2100, we can outline the top 10 economies by 2050.
The global GDP is expected to reach approximately $224.96 trillion by 2050.
The ranking includes countries like China, India, the United States, Indonesia, Russia, Japan, Germany, Turkey, the United Kingdom, and Brazil, in descending order of GDP size and contribution to the global economy.
Notably, Italy is positioned at 14th place, following Vietnam, Egypt, and Ethiopia, and preceding Australia, Spain, Saudi Arabia, Pakistan, Poland, and Myanmar.
Italy’s GDP in 2050 is estimated to be worth $2.16 trillion, representing 0.96% of the global GDP, while the population is expected to decrease to 52.25 million from the current 58.99 million.
