The results of a study conducted by PricewaterhouseCoopers (PwC) have been released with predictions for the world economy in 2050.
The study projects that the world economy will double in size by 2042, growing at an annual average rate of around 2.6% between 2016 and 2050. This growth is expected to be driven largely by emerging markets and developing countries, with the E7 economies of Brazil, China, India, Indonesia, Mexico, Russia and Turkey growing at an annual average rate of almost 3.5% over the next 34 years, compared to just 1.6% for the advanced G7 nations of Canada, France, Germany, Italy, Japan, the UK and the US. According to the study, Turkey has the potential to grow at an annual average rate of around 3% over the next 34 years – the fastest of the European countries in the study – compared to 1.6% on average for the G7 countries.
Therefore, the country is projected to become the world’s 12th largest economy as of 2030 in PPP terms and will reach 11th by 2050 if it manages to implement significant structural reforms. In this case, Turkey could also maintain its second position in 2050 within the E7 countries in terms of GDP per capita in PPP (purchasing power parity) terms.
Source: Ministry of Economy
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