By Femi Adesina The above-titled article as originally published by…
There has been a lot of speculation about Nigeria’s economic growth potential with many analysts giving varying opinions about whether or not Nigeria will emerge as one of the leading economies in the world.
However, our research took us to a report: ‘The World in 2050‘ released by PwC (PricewaterhouseCoopers), a leading global professional services firm and we found that the study which looked at how the global economic order will change by 2050 had the following major findings:
- The world economy could more than double in size by 2050, far outstripping population growth, due to continued technology-driven productivity improvements
- Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average
- As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)
- 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% 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
- But emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential.
PwC also listed the countries that it thinks will lead the world with the largest economies in 2050.
Largest economies in the world, 2050
17. South Korea
Nigeria is expected to be ranked as the 9th economy in 2050 which means that despite the current challenges the country faces, it is still expected to be a global economic power by the time we reach the middle of this century.
As the report stated, a lot of work needs to be done in terms of infrastructure to achieve this. Peace and security are also very important requirements for economic development and the government has to do more to improve on these for the projection to become reality especially with the country’s fast-growing population.