As per a recent report, India would become the largest economy by 2050 overtaking the United States and China. It is also assumed that neighbouring China will take over the US by 2020.
The report produced by Citi Private Bank and Knight Frank, an international property consultancy, suggested that Indian will reach $85.97 trillion size in terms of purchasing power parity by 2050.
The report has some more interesting analytical forecasts to reveal too. Firstly, when Indian economy would reach a maximum point of $85.97 trillion size by 2050, the Chinese GDP would be $80.02 trillion during the same period. However, World’s largest economy of today the US would be in the third position then.
Secondly, coming to the growth rate of the economies during 2010 to 2050, India would be in the second position with a velocity 8 percent growth rate. It maintains that Nigeria will be on the top with a growth rate of 8.5 percent.
Thirdly, the GDP of North American and the Western European countries would drop from 41% in 2010 to a mere digit of 18% in 2050. However, Asia’s share is expected to rise from 27% to 49% during this period.
Finally, the report also pointed towards people’s frustration regarding inequality of income which would be reflected in big movements like the Occupy Wall Street demonstrations.