Nigeria will be among top 10 largest economies in the world by 2050 according to the ranking released by Spectator Index.
According to the stats, Nigeria, which as per 2017 had a percentage growth rate of 0.8 percent and a gross domestic product (GDP) based on purchasing power parity (PPP) international dollar millions of 1,119 as at 2017, will be at position 9 in 2050.
According to Spectator Index, the top 20 largest economies in the world by 2050 will be:
Of the top 20 largest economies in the world by 2050, Nigeria will be the only African nation that will feature among the top 10 if the ‘prophecy’ comes to pass. It is interesting that South Africa, despite being the second largest economy in Africa, (at some point it overtook Nigeria) failed to appear among the top 20 predictions.
The image below shows the 2017 economic growth of the 10 nations captured by Spectator Index as the economies that will be the largest in 2050:
The list provided by Spectator Index, if it will come to pass, it will sharply conflict with the current rank of the largest economies as captured by the International Monetary Fund (IMF). For instance, in 2018, according to data provided by the IMF, Nigeria fails to appear among the top 10 largest economies.
According to the Spectator Index, in 2050, China will be the leading economy in the World, interestingly followed by India with the United States of America coming in third. However, among the largest economies in 2018, based on the data provided by the IMF, United States of America is the leading economy, with China coming in second and India at position seven.
Currently, the United States of America has the largest economy in the world at 20.4 trillion dollars according to data from the International Monetary Fund (IMF). In 2017, the USA economy was at 19.4 trillion dollars.
China follows as the second largest economy in the world in 2018 with 14 trillion dollars, an increase of more than 2 trillion dollars compared to 2017. Japan is third with 5.1 trillion shillings from 4.87 trillion shillings in 2017.
Based on data from the International Monetary Fund (IMF), these are the top 10 largest economies in the world in 2018:
For many years, the United States has dominated other economies in the world as the largest economy in the world. Overall, the global economy is estimated to be at 79.98 trillion dollars, meaning the United States accounts for more than a third of the world’s economy.
The dominance of the United States is however expected to fade if figures given by the World Bank are something to go with. According to the World Bank, the global economy is expected to grow by 6.5 trillion dollars with the US accounting for 17.9 percent of the growth. China has, however, been predicted that it will double at 32.2 percent of the growth. This is not to mention that China’s economy has grown from 1 percent to 42 percent in the past 10 years.