2023-10-04 14:10:52
The balance of global economic power will change dramatically in the coming decades, according to a recent Goldman Sachs report. Analysts believe that Asia could become the largest contributor to world GDPsurpassing the traditional economic powers grouped in the Developed Markets, such as the US, Japan or European countries.
Using a Voronoi diagram, Visual Capitalist has created this graph, taking into account the Goldman Sachs real GDP forecasts for 2050. According to these projectionsAsia (excluding Japan, for example) will represent 40% of world GDP, slightly above the share of developed markets, of 36%. This would mark a huge change from 50 years ago (2000), when major economies accounted for more than 77% of global GDP.
China and India will account for most of the region’s GDP in 2050, although growth in China will slow significantly. In fact, Goldman Sachs expects the country’s annual real GDP growth to average 1.1% in the coming decades. This is even slower than the expected annual growth of 1.4% in the US for the same period.
The fastest growing economies in Asia will be India (3.1%), Bangladesh (3.0%) and the Philippines (3.5%), thanks to their high population growth rates and relatively low average age, which translates into a larger workforce.
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