The 15 Richest Countries in the Future
We all seem to be interested in what the future will look like but while this is impossible to predict, there are a few analysts out there who, with enough knowledge and data, can paint an approximate figure of what the next years will bring. Yet that can’t be done for every individual, but for a whole nation or country.
One way to measure how a country will do in the future is to ask how wealthy that country will be. Though there are all kinds of changes and shifts in politics and economics drawing complex patterns on their future, some analysts can take an educated guess on the matter.
Using data such as the expected GDP, the institutions, the corruption of the country, its education and law systems and the rate of fertility, a thorough analysis can give us an idea on which will be the highest standing countries around the year 2050.
The Hong Kong and Shanghai Banking Corporation performed a complex study on 100 countries that shows a possible answer to this question. Read on and find out which will be the 15 richest countries in the future according to them:
With a decrease in the numbers of the working population and the current turmoil that characterizes Russia, it might be a little bit unexpected to see it on this list. But the economy of the country shows signs of stabilizing and growth in the future.
The Ukrainian conflict and the annexation of Crimea has put the country in a bad light and brought it international sanctions, leading to an increase of its inflation. What’s more, the plunge of the oil prices has added other economic problems. Despite all that and a decrease in population, the HSBC are optimistic that the per capita income and the economy of Russia will get back on track and will reach $1.87 trillion by 2050.
Spain has been hit hard by economical problems in the last years. The increase of prices until 2008 and an 11% decline in the working population, plus the economic crisis has left Spain on the brink of economic collapse.
In spite of all that, the researchers expect Spain’s GDP to go from $711 billion to $1.95 trillion. That will be boosted through a slight increase in population and a massive improvement of the income per capita.
13. South Korea
South Korea has gone through a decline of its fertility rate during the last decades, thing which further led to a decrease in the nation’s workforce as well.
The economy of the country though continued to thrive due to the support given by the government to the companies that look to transform South Korea into a technocratic society, leading to an impressive prosperity of the country in the years to come. The expected GDP of South Korea should rise to $2.06 trillion in 2050.
During the past years, Turkey showed significant increases of its working population due to a healthy fertility rate. The country’s income per capita almost tripled while the rest of the region was in deep crisis.
All these indicators led specialists to believe that the economy of Turkey will improve drastically in the next years and its GDP will rise significantly, reaching $2.15 trillion by 2050.
Of all the countries in the European Union, Italy was the one that showed the slowest rate of economic growth, with only a 4% increase in sixteen years. While it also resulted that the country will rank lower in the future, because of its decline in the working population, Italy is still going to be one of the richest countries in the future with a $2.19 trillion GDP in 2050.
Canada seems to be a pillar of stability in the world when it comes to economy. While other countries are going down and others are rising, Canada stays the same.
They’ve got one of the most stable banking systems in the world and its population is expected to reach 44 million in 2050. By the same year, Canada’s GDP will reach $2.287 trillion, keeping it at number 10 on this list.
While France is at number five right now, the specialists of HSBC expect that the turmoil of the European Union will take its toll on the economic power of the country, making its economy stagnate. It seems that France will lose ground and fall back to the ninth position by 2050.
The economy of France will register a $2.75 trillion GDP by that year, being overtaken by countries such as Brazil, India and Mexico which are on the rise.
With an estimated population of 120 million, Mexico is one of the largest economies in the world and it’s in a continuous growth, further improving its overall productivity and prosperity.
Due to President Enrique Pena Nieto who started his 6 year mandate back in December 2012, the country is going through significant improvements especially in the energy, education, labor and financial sectors, leading to a future GDP of $2.81 trillion by 2050.
After a difficult period until 1994, with a huge inflation, Brazil managed to recover and get back on track, further growing and prospering, owing that to an important increase in the working population.
The efforts to reduce criminality and improve life conditions in the country helped its growth a certain extent as well, leading specialists to believe that Brazil’s GDP will grow to the sum of $2.96 trillion by the year 2050.
6. United Kingdom
It seems that the United Kingdom will close the gap between them and Germany in the future and the difference in wealth between the two countries will be a lot smaller than it is today.
Due to its close connections with US and Japan, UK will continue to prosper at a higher rate than most other European countries. For example, while France increased with an average .3% per year, Britain had a yearly average increase of 3.2%. Its GDP will rise to an estimated $3.58 trillion by the end of the next three decades.
Germany will still maintain its position as an economic powerhouse in Europe with a $3.71 trillion GDP by 2050. The country’s population will register a drop by 11 million, but that will increase its income per capita.
At the same time, Germany’s working population continues to drop as well, but this problem is covered by good funding and a very stable economical infrastructure, so overall the country will continue to prosper in the future.
While Japan suffers as well from grave problems regarding a decline in population, expected to drop from this year’s estimate of over 127 million to 102 million in 2050, an increased average age and a reduction of the number of workers relative to the overall population, the country will continue to grow in economical terms.
Specialists estimate that Japan’s GDP will grow from last year’s $4.88 trillion to a good $6.43 trillion by 2050, maintaining itself as one of the most important economic powers of the world, exceeded only by India in the next few decades.
It seems that India will take Japan’s third overall place in the future. With a population rising to staggering proportions, from a 1.35 billion today to 1.6 billion by 2050, India will outrank China, who’s on the first place regarding population right now.
In economical terms, India is expected to almost quadruple its present $2.43 trillion GDP, reaching $8.17 trillion. The way that’s expected to happen is through a combination of fast developing sectors, huge workforce and implementation of modern technologies.
2. United States
The United States have been going through some tough times lately and though those times are not yet gone, the country’s economy will continue to be on the rise. The major factors influencing that are its stable institutions and the high fertility rate resulting in an increase in population to around 86 million in the future.
The GDP of the United States will reach an estimated $22.27 trillion, keeping it the second most powerful economy of the world in 2050.
It’s no wonder that China will get to rule the world from an economic standpoint in the near future. According to specialists, their efforts to maintain a stable population number through the one-child policy and a completely modernized society will get them there.
It’s expected that China will soon integrate the Hong Kong and Macao regions into its economy, bringing its GDP to a massive $25.33 trillion by 2050, which is more than the double of the $11.93 trillion of today, making China the world’s most powerful economy in the next decades.