Author Mark Fairlie
Leading international accountants, PricewaterhouseCoopers (PwC) released its prediction in the last week on which countries would feature in the 31 most powerful top economies in the world in 2030.
The prediction shows much faster growth among the emerging economies we see today with a general slowing down of growth in the developed economies in North America and Western Europe.
Which countries are the current 10 top economies?
According to the World Bank and Visual Capitalist, and as reported by WE Forum, the current 10 top economies in the world are:
With a $18bn economy, the United States is the largest in the world, representing almost a quarter of the business and spending across the planet.
For many economic observers, the most spectacular rise of an economy has been by the Chinese, currently vying for second place behind the US with an economy around 40% smaller.
In 1978, the former isolationist state made its few forays into economic reform led by Premier Deng Xiaoping. Two years later, it opened five special economic zones in which private firms were allowed to trade, and, later in 1984, made foreign investment a priority in 14 coastal cities. Since then, growth rates have been very high (averaging 7.5% per annum), the cumulative effect of which has been the country’s rapid ascent to economic superpower.
In that time, the number of Chinese cities with more than 1 million inhabitants has shot up to 221 (from just 34 in 2000), compared with 35 cities in Europe and 9 cities in the USA.
Other economies are showing signs of spectacular growth, including India, Indonesia, Russia, and Mexico.
The view of the world top economies from 2030
Let’s fast forward to 2030 and look at PwC’s top economies predictions:
Britain is hanging on in the top ten with its economy predicted to have grown by 24% between 2016 and 2030. Germany is predicted to grow by 38%, Japan by 27%, and the US by 31%. France falls out of the top 10 and Italy falls out of the top 20.
The real growth in the world economy comes from China and India, the two most populous countries with well in excess of 2bn people. India’s economy is expected to grow over 8 times its current size by 2030 with China’s predicted to grown two-and-a-half times.
Brazil, Russia, Indonesia, and Mexico’s economies will all more than double in the next 13 years.
The new Chinese century?
The 19th century was the British century. The 20th was the American century.
As China’s economy grows closely followed by other heavily-populated emerging countries, the next 100 years is certain to bring great change and advancement to the world.