Global Economy in the Decades to Come

The world’s economic order is in transition, with emerging nations gaining an expanding place in the global economy. In terms of purchasing power parity (PPP), China’s GDP has even outstripped the United States since 2014, while India’s economy continues to post strong growth, which could drive it into second place globally by 2050, according to some estimates. Living standards are also expected to rise more quickly in emerging nations than in advanced nations, although it should remain much lower. Demographic trends, climate changes, technological innovation, and political and social progress are issues that will have a major impact on all countries’ economic growth.