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China will be World’s Greatest Economy in 2030: SC

WASHINGTON – Standard Chartered (SC), a UK-based financial services company, predicted that China will prevail over America, becoming the world’s largest economy in 10 years, Fox Business reported Friday.
On the other hand, the size of the Indian economy will have surpassed that of the United States, since it will occupy the second place.
Forecasts predict a dramatic change in the top 10 over the next decade and a global shift away from the western economies that currently dominate in favor of Asian giants and emerging markets.
Indonesia is expected to be in fourth place by 2030, while Turkey will be in fifth place.
The emerging markets of Brazil is the only Latin American country on the list, and Egypt, the only Middle Eastern country on the list, which are expected to reach sixth and seventh respectively.
Russia is expected to have the eighth largest economy in the world in ten years, with Japan and Germany both moving from their current rankings to the ninth and tenth.
Western countries such as Great Britain, Italy, France and Canada should all be among the top 10 economies by 2030.
Standard Chartered said the move would be precipitated by a turning point for the middle class, with most of the world’s population expected to become the middle class by 2020.
The size of the national economy is calculated based on Gross Domestic Product (GDP). Our long-term growth forecast is based on a fundamental premise, countries’ share of global GDP should finally converge with their share of the world’s population; driven by the convergence of GDP per capita between advanced and emerging economies, wrote Standard Chartered economists in their study.
(Sahar News Monitoring Desk)

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