Bangladesh's GDP to exceed Malaysia by 2050
Bangladesh will take 28th place among the world's most powerful economies by 2030 and Bangladesh's GDP at PPP terms will exceed Malaysia by 2050, according to an analysis from PricewaterhouseCoopers (PwC).
The PwC analysis said Bangladesh has the potentialities to be among the fastest growing economies in coming years. The country will benefit from its youthful and fast growing working-age population, meeting domestic demand and boosting output.
A PwC report titled "The long view: how will the global economic order change by 2050?" also predicts that Bangladesh could rise further in the ranking by achieving an average annual growth of around 5% over the next 34 years.
The report ranked 32 countries by their projected global gross domestic product by purchasing power parity (PPP). PPP estimates of GDP adjust for price level differences across countries, providing a better measure of the volume of goods and services produced by an economy as compared to GDP at current market exchange rates, which is a measure of value.
Bangladesh ranked 31st among the world's 32 largest economies in 2016, that together account for around 85% of global GDP. Emerging market economies will drive global growth and eventually increase their share of world GDP, the report says. During this period, there will be a shift in global economic power.
"We project that the world economy will double in size by 2042, growing at an annual average rate of around 2.6% between 2016 and 2050," the PwC report adds. It also predicts that the E7 economies - Brazil, China, India, Indonesia, Mexico, Russia and Turkey - would occupy almost 50% of the world GDP by 2050, while the G7's share would decline to only just over 20%.
Findings by the PwC, one of the world's largest professional-services firms, show that China, India and the US would be at the top of the table. China is already the top country in terms of PPP. India has been projected to be the world's second largest economy, beating the US in GDP by PPP terms before 2050. During this period, Bangladesh will see impressive growth that will push it to the 23rd place.
Source: https://dailyasianage.com