Forecasting the future is a difficult task, especially when it comes to predicting the wealth of countries . And any projections of the new world order in the coming decades involve complex analysis of vital economic systems and infrastructure.
The quality of a nation’s education system and democratic institutions, fertility rates , and rule of law are all considered. This allows analysts to predict GDP and per capita income in the light of the path each nation will take to the year 2050.
HSBC made some rather scientific predictions, estimating which countries will be the richest in 2050, studying the economies of 100 nations. Check out 10 Richest Countries In The World In 2050 in our article.
Canadians are expected to climb 3 points in per capita income from fifteenth to twelfth in 2050. The Canadian economy has weathered the storm of economic crisis by the strong banking system ranked among the most stable in the world.
That did not save Canada against the recent dip in oil prices. The loonie lost ground against the US dollar at a rapid rate because of Canada’s investment in bituminous oil production, which is only profitable when oil prices are high.
It does not lack the economic challenges faced by other European Union financial weights, France will fall from sixth to the ninth richest country in the world in 2050, with Brazil, India, and Mexico climbing above France.
Projections indicate that compared to the rest of the developed world, France will lag behind in terms of per capita income development over the coming decades.
Mexico is currently the thirteenth richest country in the world. The average per capita income for Mexicans is expected to fall 5 points, from forty-second in the world to forty-seventh. President Nieto has led policy changes that address 11 structural issues in the 20 months after he won the presidency.
Since the period between 1986 and 1994 when Brazil experienced annual inflation of more than 500%, the country recovered to continue operating as one of the largest economies in the world. Despite the existential crisis, there is some hope within a few years, with growth in prosperity in the foreseeable future, and unfortunately per capita income for Brazilians is expected to fall by 9 points from fifty-second to 61st position in the world.
Currently, Germany is $ 346 billion ahead of the British, while in 2050 the difference between the two will be $ 138 billion. The UK was a leader of the Industrial Revolution during the 19th century, setting the table for the rise of worldwide industrialization of the 20th century.
Despite the fall from fourth to fifth, German per capita income will climb 8 rows from 18 to 10 in the world, probably due to the population reduction of 11 million between 2010 and 2050. Solid funding and a strong economic infrastructure will ensure that the country’s economy remains stable.
With a rapidly aging population, Japan is seeking to overcome the worst demographic problems of all the richest countries, with a predicted decline in the working population of 37%.
In addition to the aging population, Japan’s fertility rate is the lowest of all richest countries, with an average of 1.3 children per person, similar to Germany.
However, as Japan already has experience dealing with the decline of the working population, paying for social services from an aging society, will still be able to maintain the fourth richest country on the planet.
India is an example of the economic benefits of a growing population, ranking among the top five in terms of countries experiencing an increase in the active population.
By copying external economic policies and leveraging modern technology, India hopes to be one of the engines of global economic growth. The country falls into the category of a fast-growing economy, expected to enjoy an average annual growth of 5% or more, partly due to the low levels of current development.
All indicators of economic infrastructure are strong for the United States, such as a strong democracy, rule of law, and population demographics that includes an above-average fertility rate. Among the developed world, the United States will experience some of the slower growth in terms of per capita income over the coming decades.
The country is expected to have already absorbed Hong Kong and Macao in its economic systems by 2049, providing enough momentum in the economy to take the lead in this selection of the 10 richest countries in the world by 2050.
Their population will be the second largest in the world by 2050, and citizens will benefit from China’s continued drive to fully modernize its economy. China will achieve the development of the most advanced nations.