ADVERTISEMENT

Three African countries that would be among 32 most powerful economies in the world by 2050

By 2050, some of the world economic powerhouses will be in Africa.

The world in 2050 would be different from what is obtainable now.
ADVERTISEMENT

A report by PricewaterhouseCoopers (PwC) assessed economies around the world, and thus identified 32 best countries by 2050. This result is based on the projection gross domestic products by their purchasing power parity of these countries.

Purchasing Power Parity (PPP) is used by macroeconomists to determine welfare and economic productivity of people living in a country at a time.

In the report titled: "The long view: how will the global economic order change by 2050”, Many African countries would experience rapid economic growth. While only Nigeria, South Africa and Egypt would be among 32 biggest economies.

ADVERTISEMENT

Some of the current economic powerhouses such as Germany, Japan and France would slip from their position. Due to the emergency of some emerging economies as an economic power block.

New economic leaders – China and India, are posted to reign by this time.

Vietnam, Philippines and Nigeria are to experience highest economic prosperities within this period. Though, the economic prosperity of Nigeria is tied to its ability to diversify her economy.

Just like Nigeria, South Africa and Egypt are also currently facing the economic downturn. Both South Africa and Egypt were declared to have gone into technical recession in Q1 2017 and Q4 2016 respectively.

Emerging business opportunities from untapped economics and natural resources are noted to drive this economic progress in Africa. New industries and technological hubs are projected to drive this projected economic progress.

ADVERTISEMENT

Also, strong institutions, stable social and macroeconomic fundamentals are considered more important for this projection to come true.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

US troop withdrawal from Niger hangs in the balance

US troop withdrawal from Niger hangs in the balance

Detained Binance executives sue Nigerian authorities for human right violation

Detained Binance executives sue Nigerian authorities for human right violation

Nigeria's central bank increases minimum capital base for banks

Nigeria's central bank increases minimum capital base for banks

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

ADVERTISEMENT