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NEWS Based on Pricewaterhouse Coopers report Turkey could become 11th largest economy in 2050

1 Oct 2019

A report issued by Pricewaterhouse Coopers says Turkey could become the 11th largest economy in 2050. According to same report world's largest economies could change places on the list and China will become the world's largest economy, while India ranks the second.

The report called “World in 2050” prepared by the London-based research company showed that today's developing countries would soon become economies to rival the world's giant economies.

According to the report, China will outpace the US as the largest economy and could be the world's largest economy by 2030. By 2050, India could rise to the second place, leaving the US behind. Indonesia, on the other hand, can move to fourth place, outpacing countries like Japan and Germany.

According to the report, before 2050, six of the seven largest economies in the world could rank among the emerging economies. The report predicts that China's Gross Domestic Product (GDP) will reach US$ 49.9 trillion in 2050, while the US will reach US$ 34.1 trillion, India' US$ 28 trillion, Indonesia's US$ 7.3 trillion, and Brazil's US$ 6.5 trillion. In the report, E7 countries (developing economies), which make up 35 percent of the global economy, will reach 50 percent of the world economy in 2050.

In this case, Turkey, may keep its place to rank second among E7 countries in terms of GDP size, on purchasing power parity basis, in 2050. According to the report, Turkey's economy will manage to rank among the largest economies in the world.

Based on the assumption that Turkey will realize a 37 percent average annual growth, the GDP which is currently about US$ 800 billion will reach US$ 1 trillion 650 billion in 2030. In 2050, Turkey will take its place as 11th economy on the list with US$ 4 trillion GDP and Turkey 11th.

The report also said "In the long run, investors who overcome temporary difficulties with patience can gain significant benefits in Turkey which has the fastest growth potential”.


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