Home / Knowledge / News / Textiles / Indian economy to overtake US in PPP terms by 2040: PwC
Indian economy to overtake US in PPP terms by 2040: PwC
09
Feb '17
Chart showing increasing gap between the third and fourth largest economies; Courtesy: PwC
Chart showing increasing gap between the third and fourth largest economies; Courtesy: PwC
India would be at No. 2 in global GDP ranking at purchasing power parity (PPP) terms by 2040, behind China but ahead of the US, says a latest report. With cumulative global GDP growth of 130 per cent between 2016 and 2050, the world economy could more than double in size by 2050 due to continued technology-driven productivity improvements, the report adds.
 
Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average, and as a result, six of the seven largest economies in the world are projected to be emerging economies in 2050, says the PricewaterhouseCoopers(PwC) report ‘The World in 2050’.
 
E7 economies comprising Brazil, China, India, Indonesia, Mexico, Russia and Turkey would grow at an annual average rate of almost 3.5 per cent over the next 34 years, compared to just 1.6 per cent for the advanced G7 nations of Canada, France, Germany, Italy, Japan, the UK and the US, according to the report.
 
“In fact, China has already overtaken the US to become the world’s largest economy in PPP terms, while India currently stands in third place and is projected to overtake the US by 2040 in PPP terms,” PwC said.
 
The report predicts Vietnam, India and Bangladesh to be three of the world’s fastest growing economies during 2016-2050. “The US could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10 per cent by 2050.”
 
“UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively,” states the report.
 
However, emerging economies would need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential. 
 
“From a business perspective, there is also a need to look beyond short-term economic volatility in both advanced and emerging economies and develop strategies that have the right balance of flexibility and patience,” says John Hawksworth, chief economist, PwC UK. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Vietnam's textile-garment export turnover $16 bn in H1 '18

Apparel/Garments | On 19th Jul 2018

Vietnam's textile-garment export turnover $16 bn in H1 '18

Vietnam is among the world's five biggest textile exporters and...

Courtesy:  Pratibha Syntex

Apparel/Garments | On 19th Jul 2018

India's Pratibha Syntex aims $200 mn sales revenue by 2020

Pratibha Syntex, with interests in fibre, spinning, knitting and...

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Textiles | On 19th Jul 2018

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Kenya will use a Sh6 billion loan from India’s Exim Bank to expand...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search