According to a recent report from Goldman Sachs, the balance of global economic power is projected to shift dramatically in the coming decades. More specifically, analysts believe that Asia could soon become the largest regional contributor to world GDP, surpassing the traditional economic powerhouses grouped together in the Developed Markets (DM) category. Visual Capitalist
Asia
Focusing on Asia, China, and India will account for the majority of the region’s expected GDP in 2050, though growth in China will have tapered off significantly. In fact, Goldman Sachs expects annual real GDP growth in the country to average 1.1% through the 2050s. This is surprisingly slower than America’s expected 1.4% annual growth during the same decade.
The fastest-growing economies in Asia during the 2050s will be India (3.1% annually), Bangladesh (3.0% annually), and the Philippines (3.5% annually). These countries are expected to thrive thanks to their high population growth rates and relatively low median age, which translates into a larger workforce.
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