Pakistan will be the 16th largest economy in the upcoming years
By 2050, Pakistan economy would become 16th largest based on GDP at the purchasing power parity. A report was presented by Price water house Coopers, which is a professional, headquarter in London. This shows that Pakistan will progress and overtake the countries Canada and Italy. Their rank is recently at 12th and 17th places.
The report was titled as the LONG VIEW-HOW WILL THE GLOBAL ECONOMIC ORDER CHANGE BY 2050. It released this month with some new emerging markets, which take center stage. Emerging economies such as Brazil, Mexico, and Indonesia are larger than France and UK.
A table mentioned in the report indicates that Pakistan will climb from current 24th place to 20th position. The GDP will increase to an amount of $988 billion currently, and by 2030, the amount will increase to $1.87tr to reach 20th place. However, by 2050 the position will reach at 16th with a rate of $4.2tr.
Pakistan economy will rise from 28th place $284 billion. GDP at PPP have seen price level differences across countries. It provides a better measure of volume of services and goods produced in economy. GDP at MER provides a better measure of the value of services and goods produced in economy, which converts the country GDP in national currencies to US dollar based.
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China has already overtaken the US and become world’s largest economy. The report says that India stands in third place and will overtake the US by 2050. France will be listed among the 10 largest economies in the world while UK will fall to 10th place. Indonesia could have rise t 4th place. By 2050, six of several largest economies in the world could have been emerging economies in PPP.
Key findings of report project the world economy could have been doubled in size by 2050. The broadly growth-friendly policies and emerging markets continue to grow.