The United Nations (UN) reported that the global economy is facing a confluence of risks, which could severely disrupt economic activity and inflict significant damage on longer-term development prospects.
These risks include an escalation of trade disputes, an abrupt tightening of global financial conditions, and intensifying climate risks.
The International Monetary Fund (IMF) had earlier predicted that the world economy will grow at its weakest in three years in 2019, cutting its forecast on the global economy.
According to IMF, major economies were set to feel the heat in their growth in 2019, in addition to government policies, trade tensions, and change in commodity prices.
While different phases of economic cycles toss economies around the world, most of the world’s major economies have for a long time maintained the top positions for years.
US economy constitutes almost a quarter of the world’s economy, thanks to abundance of natural resources, advanced infrastructure, and technology.
China’s economic growth is growing tremendously, considering it was ranked 7th back in 1980. Its huge manufacturing and export base have led the country to break the barriers to rise to be the second-largest global economy.
Other countries that have been playing a huge role in the global economy are The United Kingdom, Japan, Mexico, Brazil, Germany, and India among others.
Given China’s dynamism in terms of economy, the World Economic Forum predicts that by 2030, China will be the world’s economic giant, overthrowing the US that has held the top position.
Below is the list of countries that will be controlling the economy in 2030 according to the World Economic Forum prediction;
- China- projected GDP in 2030 will be 38 trillion dollars
- United States- GDP in 2030 will be 23.5 trillion dollars
- India- with 19.5 trillion dollars GDP
- Japan- 6 trillion dollars GDP
- Indonesia-4 trillion dollars GDP
- Russia-7 trillion dollars GDP
- Germany- 7 trillion dollars GDP
- Brazil-4 trillion dollars GDP
- Mexico- 7 trillion dollars GDP
- United Kingdom-6 trillion dollars GDP