KARACHI: PricewaterhouseCoopers (PwC) believes that Pakistan will achieve exceptional growth rates over the next three decades, overtaking industrialised nations such as Canada and Italy to become the world’s 16th largest economy by 2050 in a new report.
The consultancy firm produced its first ‘World in 2050’ report in March 2006, which featured GDP growth predictions for 17 major economies.
Following multiple changes to the list till 2015, the edition now includes 32 countries that account for around 85 percent of global GDP, with Pakistan being one of the key emerging markets.
According to the global second professional service, Pakistan placed 24th in 2016 with a GDP of $988 billion PPP, according to IMF estimates. The economy is predicted to grow more than threefold during the next three decades. According to PwC, Pakistan’s GDP would be $1.868 trillion in 2030 and $4.236 trillion in 2050.
According to PwC study, during the next 35 years, Pakistan’s average population growth rate will be 1.4 percent, average annual real growth per capita will be 2.9 percent, and average annual GDP growth in home currency would be 4.4 percent.
According to PwC, “we project that the global economy will double in size by 2042, increasing at a 2.6 percent annual average rate between 2016 and 2050.” “Emerging market economies will fuel global economic growth, gradually increasing their share of global GDP.”
Surprisingly, the consultant industry does not anticipate a major growth in the investment-to-GDP ratio during the next 10 years. According to their projections based on IMF historical data, it will climb to 17 percent by 2025 from the current 16 percent. Another reason might be the future economy’s massive magnitude.
