I do not think India will do quite as well as the Standard Chartered projection.
In 2030, I think Canada with a population of about 44 million and South Korea with about 53 million could be in the bottom of the top ten economies or very close. South Korea could also re-unify with North Korea by 2030.
Projected 2030 economies can easily vary by plus 20% or minus 50% depending upon some country having a lot more problems or very good luck and policies. There is less margin of error for the developed countries like the US, Japan, and Europe
Even with those margin of error levels.
China’s economy should be the world’s largest by a comfortable margin and possibly twice as big as the USA or India. (50-90 trillion)
India and the USA and the EU-27 should be in the range of the same size in the next tier. (around 20-40 trillion)
Japan, Germany, UK, France, Indonesia, Brazil, Russia, South Korea and Canada will be in the third level. (around 5-10 trillion)
After removing inflation, China would have about $35 trillion in today’s dollars and the US would have about 20% more economy than today at $18 trillion.
By 2030, the balance of economic power will have shifted from the West to the East: while the US, the EU and Japan represented 72% of the global economy in 2000, their share should shrink to only 29% by 2030 – a complete reversal of their importance relative to the emerging world.
By 2030 we assume the CNY will have appreciated from 6.64 this year to 4.39, and the INR from 45.5 this year to 35 in 2030.
We see the US economy growing 2.6% in 2010, only 1.9% in 2011 and 2.7% in 2012, then growing at a stronger pace, with trend growth of 2.5% over the horizon to 2030. Likewise, we see the EU-27 growing 1.8% in 2010, 1.7% in 2011 and 2.2% in 2012, reflecting a sluggish recovery from the crisis, with large output gaps and stubborn unemployment. Over the forecast horizon to 2030, the EU-27 is expected to grow at its trend growth rate of 2.5%. For Japan, the growth figures are 1.5% (2010), 1.0% (2011) and just under 2.0% (2012), and 1.0% over the forecast horizon to 2030.
China’s growth rate is forecast at 10.0% (2010), 8.5% (2011) and 8.0% (2012), averaging 6.9% over the two decades to 2030. For India, the growth figures are higher, at 8.1% (2010), 8.5% (2011) and 8.8% (2012), averaging 9.3% over the forecast horizon. When one considers these figures, it is clear we have assumed a very fragile recovery from this crisis in the West, and trend growth rates that are not exaggerated for emerging economies, using China and India as examples. For instance, there are credible arguments that India may even achieve a trend growth rate nearer 12% or so, with certain conditions in place.
IMF projection to 2017
Canada will have 35 million people in 2013 and could have 40 million in 2023 and 50 million in 2042. The low growth scenario is to have 40 million in 2042 and the mid-growth scenario is to have 45 million in 2040.
Canada could catch up to the population of Spain in 2042 and Germany in 2060. Germany population is projected to fall by quite a bit.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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