Estimated massive overhaul for 2030



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A decade from now, the greatest economic power in the world will look very different.

China will dominate the world, India will surpass the United States, and the Egyptian economy will rise far above Australia to the top 10.

The total world population is estimated at around 8.56 billion, with Asian countries alone reaching nearly five billion.

According to a recent Standard Chartered report, seven of the world's 10 largest economies will come from emerging markets in 2030.

Overall, Asia will experience large growth, with the continent's share of GDP increasing from 28 percent to 35 percent in 2030 – equaling the combined European and US.

At the same time, the report predicts the majority of the world's population – around 5.4 billion people – will enter the middle class income group by 2030, up from three billion in 2015.

Both China and India are each expected to surpass the United States as the world's largest and second largest economy.

The US will drop to third place with US $ 31 trillion, followed by Indonesia, Turkey and Brazil.

CHINA

China has long been predicted to be the largest economic power in the world.

According to the Lowy Institute's latest Asia Power Index, the increase in superpower is set to surpass the United States in economic terms, to become the most powerful country in the Asia-Pacific region.

But the country's GDP growth will be moderate to 5 percent in 2030, reflecting a natural slowdown based on its economic size.

Its economy is estimated to reach US $ 64.2 trillion.

INDIA

India's GDP growth rate is expected to increase to 7.8 percent to US $ 46.3 trillion.

According to projections from the World Bank and the International Monetary Fund, India is projected to be the fastest growing economy in the world over the next decade.

It is also on track to outperform China as the most populous country in the world.

"India is likely to be a prime mover, with its growth trend increasing to 7.8 percent in the 2020s partly due to ongoing reforms, including the introduction of national goods and services taxes (GST) and the Indian Bankruptcy Code (IBC)," said the report.

But according to a Forbes analysis, India faces several challenges ahead. Some of the largest countries are also the poorest. The capital per capita of the capital, Delhi, is about the same as Indonesia around $ 4000. Bihar and Uttar Pradesh – the two poorest countries in India – are equivalent to sub-Saharan Africa at a price of less than $ 1,000.

United States of America

The United States is expected to lose its position as the largest economy in the world.

Standard Chartered has projected that China will overtake the US at some point next year, when measured in terms of the exchange rate of purchasing power, parity and nominal gross domestic product. Only using the first, China has been considered the largest economy in the world.

By 2030, the US economy will reach $ 31 trillion.

INDONESIA

Australia's northern neighbor, Indonesia, will rise to have the fourth largest economy in the world.

The most populous Muslim country in the world will see GDP increase from $ 3.2 trillion to $ 10.1 trillion in 2030.

Experts have estimated that Indonesia's economy will be three times the size of Australia by 2030.

TURKEY

Turkey will rise from the ninth economy to the fifth largest in 2030, with overall GDP rising from $ 2.2 trillion to $ 9.1 trillion.

The Turkish economy has grown rapidly over the past two years despite adverse shocks. According to the OECD 2018 report, labor productivity in the country now exceeds that of some other OECD economies that catch up.

"The creation of sustainable employment outside agriculture, which accelerated in the 2010s, has increased

welfare, especially in less developed areas, "notes the report.

BRAZIL

The Brazilian economy is expected to grow strongly over the next decade, with GDP projected to rise from $ 3.2 trillion to $ 8.6 trillion by 2030.

EGYPT

Of all the countries in this list, Egypt will make the biggest leap.

The only Middle Eastern country in the top ten is projected to jump from position 21 to 7 over the next decade – a big jump that coincides with the country's population, which is expected to increase more than 30 percent to 128 million by 2030.

In other words, between figures from 2017 to 2030, the Egyptian economy will grow by an astonishing 583 percent.

Egypt's GDP will increase from $ 1.2 trillion to $ 8.2 trillion by 2030.

RUSSIA

The Russian economy is expected to fall from the sixth to eighth on the list – but the country's economy will still grow quite large despite Western sanctions.

Last week, the World Bank's economic outlook released earlier this month said it expected Russia's GDP growth rate to rise to 1.8 percent in 2020 and 2021.

According to the International Monetary Fund, western sanctions will be more severe than the positive impact of rising world oil prices on the Russian economy.

By 2030, Russia's GDP will be $ 7.9 trillion, according to the report.

JAPAN

The Japanese economy is expected to fall from 4th place to 9th over the next decade, with fears of a reduction in labor force and an aging population in the country that could damage economic growth for years.

By 2030, the country's population aged 65 and older is expected to increase to 30 percent, from 17 percent in 2000.

Japan's GDP will rise from $ 5.4 trillion to $ 7.2 trillion.

GERMAN

By 2030, Germany will maintain the strongest economy in Western Europe, completing 10th place on the list.

The country's economy is expected to grow from $ 4.2 trillion to $ 6.9 trillion.

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