The International consulting firm PricewaterhouseCoopers (PwC) presented the report titled 'The Long View: How will the global economic order change by 2050?', where its experts said that Russia will become the leading European economy.
According to the report, emerging markets will dominate the world’s top 10 economies in 2050, and Russia will be among them.
Over the next three decades, the global economy will be dominated by China, and the US economy will lose steam and fall behind India, the report says.
The experts say that by 2050, the E7 economies could have increased their share of world GDP from around 35% to almost 50%. China could be the largest economy in the world, accounting for around 20% of world GDP in 2050, with India in second place and Indonesia in fourth place (based on GDP at PPPs).
“We expect this growth to be driven largely by emerging market and developing countries, with the E7 economies of Brazil, China, India, Indonesia, Mexico, Russia and Turkey growing at an annual average rate of almost 3.5% over the next 34 years, compared to just 1.6% for the advanced G7 nations of Canada, France, Germany, Italy, Japan, the UK and the US,” RT cited the report as saying.