Pakistan will be 16th largest economy by 2050: PwC report

Published: February 8, 2017
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Will grow to move up 8 places, China to remain on top among 32 largest economies. PHOTO: AFP

Will grow to move up 8 places, China to remain on top among 32 largest economies. PHOTO: AFP

KARACHI: Pakistan will become the 20th largest economy among 32 peers by 2030 and will further grow to become the 16th largest by 2050, stated a report by PricewaterhouseCoopers (PwC), one of the world’s largest professional services firms.

The report titled, ‘The Long View: How will the global economic order change by 2050?’ said that emerging markets will dominate the world’s top 10 economies in 2050 with China continuing to lead the pack. It projected GDP for 32 of the largest economies in the world, which together currently account for around 85% of global GDP.

Pakistan and Egypt are set to overtake Italy and Canada by 2040, it said.

Fitch affirms Pakistan at ‘B’; outlook deemed stable

“By 2050, emerging economies such as Mexico and Indonesia are likely to be larger than the UK and France, while Pakistan and Egypt could overtake Italy and Canada (on a purchasing power parity basis). In terms of growth, Vietnam, India and Bangladesh could be the fastest growing economies over the period to 2050, averaging growth of around 5% a year.”

According to the report, by 2030, Pakistan will improve its rank from 24th to 20th and will see a further improvement of four places in the next 20 years, based on projected GDP (at PPP).

India will overtake the US to become the second-largest by 2050, it added.

“China has already overtaken the US to become the world’s largest economy in PPP terms, while India currently stands in third place and is projected to overtake the US by 2040 in PPP terms.

“When looking at GDP measured at market exchange rates, we do not see quite such a radical shift in global economic power, reflecting the lower average price levels in emerging economies.

“But China still emerges as the largest economy in the world before 2030 and India is clearly the third largest in the world by 2050, so there is still a considerable shift in economic power towards Asia in particular whichever measure we use.”

‘Pakistan’s economy will collapse in the next 10 years’

According to the GDP at PPP measure, Canada is currently ranked as the 17th largest economy, but by 2030 the country will slip to the 18th position and by 2050 to the 22nd spot.

Egypt will move to the 15th place with Pakistan at 16th.

Despite the Canadian economy’s diminished status, the country’s GDP will roughly double to $3.1 trillion by 2050 from its current level.

While PwC’s findings show some of the same countries near the top of the list in 13 years, they also have numerous economies slipping or rising massively by 2030.

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Reader Comments (13)

  • Sameer
    Feb 8, 2017 - 6:04PM

    This satire article made my day. Ty.Recommend

  • Truyh
    Feb 8, 2017 - 7:02PM

    @Sameer:
    I can taste the saltiness from here.lolRecommend

  • Humza
    Feb 8, 2017 - 7:09PM

    @Sameer: This needn’t scare Indians or those who are against Pakistan. We live in a global community. We can all see that the Pakistani economy and its overall performance is improving because it is the fastest growing Muslim economy in the world.Recommend

  • JK
    Feb 8, 2017 - 8:05PM

    Pakistan is certainly on the right track…. despite the 24/7 propaganda against it in Indian media…. it has blinded Indian public and feeds into their negative frenzy against Pakistan… come visit Pakistan … U will be surprised at the reality… as do many of our Indian friends who visit Pakistan… it is not what you have concocted in your heads… Recommend

  • Saeed Masood
    Feb 8, 2017 - 8:39PM

    Keep working hard Pakistan and also work honestly then sky is the limit God Bless Pakistan Ameen Inshahallah.Recommend

  • me
    Feb 8, 2017 - 10:14PM

    Jealous indian trolls coming in 3 2 1….Recommend

  • Pakistani-Khi
    Feb 8, 2017 - 10:43PM

    Great Article! Good analysis.
    Hence, we need to be smart and present mind while selecting our leaders in next election as well. Simultaneously we need a good and honest opposition like of nowadays combination. Not like previous friendly drama opposition. Recommend

  • Parvez
    Feb 8, 2017 - 11:15PM

    …..2050 is far far away…… prediction is easy especially as there is no penalty for being wrong……by 2050 all will have forgotten this prediction and those who made it.Recommend

  • powayman
    Feb 8, 2017 - 11:50PM

    Largest economy doesn’t mean much — average wage in USA is about $51,000 – in China is less than $4,900. China is still a 3rd World country by any definition. Recommend

  • Devine truth
    Feb 9, 2017 - 6:54AM

    Reminding me of “Pakistan’s growth”, how is metro project going?Recommend

  • sanket
    Feb 9, 2017 - 7:18AM

    @Humza:
    Read the article carefully. India will be the 2nd largest economy overtaking USA.Recommend

  • kuldeep sharma
    Feb 9, 2017 - 12:19PM

    only if Pakistan can control its population growth & manage its environment then definitely Pakistan has a bright future, i believes in this even though many of my friends in India will never share same thoughts with me on this particular issue.
    Congratulation for Pakistan, warm wishes From IndiaRecommend

  • Judge Dred
    Feb 11, 2017 - 2:10AM

    This is a dream car? Time to stop taking sleeping pills and avoiding dreams at all. Recommend

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