Compared to projections from two years ago, PWC expects more growth from China up to 2030 and then more of a slowdown. They are also expected slightly slower growth out to 2050 for most countries.
The PPP GDP of the EU27 is expected to be less than half of China’s projected PPP GDP in 2050. The drop in the EU relative to China will mostly occur by 2030 according to the PWC.
China’s PPP GDP is expected to be about the total of the US combined with the EU27 in 2050. This would be about the situation by 2030.
China PPP GDP would also be equal to about the level of the US combined with India in 2030.
PWC does not expect the per capita income of China to catch up with Turkey or Italy.
By 2021, China PPP GDP should be about the level of the US economy combined with Germany.
There will be a growing gap between the third place country and fourth place. Currently India’s economy on a PPP basis is 175% of Japan’s. In 2050 the United States expected to be 325% larger than what is expected for Indonesia.
The fourth, fifth and sixth place countries could stumble badly in terms of long term performance. Brazil is expected to be fifth but Brazil has underperformed badly in the 2010-2020 timeframe. Russia is expected to be sixth and low prices and bad Russian demographics could hurt Russia’s economy.