TMCnet News
Emerging countries to overtake G7 by 2050(Turkish Daily News Via Thomson Dialog NewsEdge)China and other emerging economies will soon catch up or even overtake the leading western industrialized nations as the world's biggest economies by 2050, a study showed. While the United States was likely to hold on to the number one position by the middle of the 21st century, China was likely to follow closely as the world's second biggest economy, a study published by PricewaterhouseCoopers (PwC) here showed. The current number two and three economies, Japan and Germany respectively, would slip in the rankings. Japan would fall behind India and Brazil to become the fourth biggest economy in the world, while Germany would fall even further to rank number eight behind Mexico, the consultancy firm estimated. Demographic changes would play a key role in the redistribution of economic power around the world. While the birth rate was low in Germany, the number of people of a working age was rising in almost all developing nations aside from China and Russia. For the current Group of Seven (G7) richest nations, Britain, Canada, France, Germany, Italy, Japan and the U.S., the development would bring both advantages and disadvantages. As consumers, they would benefit from cheap imports from Brazil, China, India, Indonesia, Mexico, Russia and Turkey. However, as employees, they would see jobs shifted abroad, or an influx of foreign lower-wage workers. Highly qualified people, such as lawyers, auditors, bankers and financial analysts, would not be spared such developments given the high number of highly trained and highly motivated experts from developing countries, the study suggested. |