Britain’s Standard Chartered bank forecasted that Egypt will be ranked as seventh among the world’s top 10 economies by 2030.
According to the bank, seven of the world’s top10 economies by 2030 will likely be current emerging market economies.
The prediction for a shake-up of the world’s GDP rankings comes in new long-term forecasts by Standard Chartered PLC, which includes a projection for China to become the largest economy by 2020, using purchasing power parity exchange rates and nominal GDP.
India will likely be larger than the US in the same time period, while Indonesia will break into the top five economies.
“Our long-term growth forecasts are underpinned by one key principle, countries’ share of the world’s GDP should eventually converge with their share of the world’s population, driven by the convergence of the per-capita GDP between advanced and emerging economies,” Standard Chartered economists, led by David Mann, wrote.
They predict thetrend growth for India to accelerate to 7.8% by the 2020s, while China’s will moderate to 5% by 2030, reflecting a natural slowdown given the economy’s size.
Asia’s share of the global GDP, which rose to 28% last year from 20% in 2010, will likely reach 35% by 2030, which is equivalent to the Eurozone’s and the US’s combined GDPs.