The prediction of the most powerful economies in 2030
PricewaterhouseCoopers, a multinational professional services network, published a report predicting the most powerful economies in 2030. The report clearly highlights that the center of global trade is, and has been for a while, moving towards the East – and that by 2030, China will be the next global economic powerhouse. Only the United States can compete in the top five with China, India, Japan and Indonesia.
Shanghai is one of the leading powers of China’s economic growth. Photo by Yiran Ding / CC BY
The paper lists 32 countries by their projected global gross domestic product by purchasing power parity. PPP is used when comparing countries by equalizing the purchasing power of two currencies, by taking into account the cost of living and inflation differences. All Asia Exchange destinations countries can be found on the list, as well! China, Japan and Indonesia make it to the top five, while South Korea is 14th, Thailand 22nd and Malaysia 25th.
According to PwC, China will overtake the United States as the number one economy in 2030. There is no surprise that Japan is number 4, considering its status as the world’s economic power. Indonesia also makes it to the top five, and this is a clear indication of the country’s huge potential also in economic terms. The report also predicts that by 2050 Indonesia will take the fourth place signifying that the growth of Indonesia’s economy is not going to stop anytime soon. One of the Four Tigers, South Korea, is at number 14. South Korea started its rapid industrialization after the Korean War and is now one of the most highly developed countries in Asia.
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Despite many of the Asian countries being relatively newly developed, they are growing quickly and the growth is continuing at a steady pace. Asian countries represent the future, and millions of people every year travel there for work and school. Knowledge of Asia is a valuable asset in today’s job market since more and more companies are expanding to Asia.
See the whole list below.
32. Netherlands — $1.08 trillion
31. Colombia — $1.111 trillion
30. South Africa — $1.148 trillion
29. Vietnam — $1.303 trillion
28. Bangladesh — $1.324 trillion
27. Argentina — $1.342 trillion
26. Poland — $1.505 trillion
25. Malaysia — $1.506 trillion
24. Philippines — $1.615 trillion
23. Australia — $1.663 trillion
22. Thailand — $1.732 trillion
21. Nigeria — $1.794 trillion
20. Pakistan — $1.868 trillion
19. Egypt — $2.049 trillion
18. Canada — $2.141 trillion
17. Spain — $2.159 trillion
16. Iran — $2.354 trillion
15. Italy — $2.541 trillion
14. South Korea — $2.651 trillion
13. Saudi Arabia — $2.755 trillion
12. Turkey — $2.996 trillion
11. France — $3.377 trillion
10. United Kingdom — $3.638 trillion
9. Mexico — $3.661 trillion
8. Brazil — $4.439 trillion
7. Germany — $4.707 trillion
6. Russia — $4.736 trillion
5. Indonesia — $5.424 trillion
4. Japan — $5.606 trillion
3. India — $19.511 trillion
2. United States — $23.475 trillion
1. China — $38.008 trillion
Asia Exchange students have also realized the potential and more than 4000 students have already taken the opportunity to study in Asia.
Asia Exchange is a Finnish company providing study abroad opportunities in Asia Pacific for students from all around the world. Want to get travel tips and new blog posts straight to your inbox? Subscribe to our monthly newsletter! If you have any questions about studying abroad, feel free to contact us! We’ll get back to you as soon as possible.
This article was written by Nella!