Updated 09:40 AM EDT, Fri, Aug 14, 2020

Mexico Expected to Surpass Russia in World's Top 10 Economies by 2050

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A forecast from the Economic Intelligence Unit has claimed that Mexico can overtake Russia by 2050 as one of the top 10 economies in the world.

According to the forecast, China, the U.S., and India will claim the top three spots in 35 years time, Bloomberg reported. As early as 2026, China is expected to surpass the U.S. in nominal gross domestic product in dollar terms.

EIU also noted that China and India will be wealthier than the combined riches of the next five countries (Indonesia, Germany, Japan, Brazil, and the U.K.), representing "a scale of wealth relative to the rest of the top ten that is unique in recorded history," the news outlet added.

Fox News Latino reported that Mexico places at the 8th spot in EIU's list behind Brazil, while the U.K. and France are projected to drop to the ninth and tenth spots. Russia and Italy are said to both leave the top ten.

Mexico's emergence at EIU's top ten "could be seen as a continuation of the importance of Latin America on the global market," Fox News Latino wrote. However, according to the forecast, it should be noted that Asian countries will have the most economic power surges years from now.

Following close behind China, the U.S., and India in the world's top five economies by 2050 are Indonesia at the fourth spot and Japan at five. Asia is expected to be responsible for 53 percent of the world's gross domestic product in the future, with Europe's contribution radically lessening.

With China and India's rising economic power, it should also be expected that the two nations will have a bigger political influence.

"Given China's and India's economic might, they will take on a much bigger role in addressing global issues such as climate change, international security and global economic governance," the EIU explained, as quoted by Fox News Latino. "In the medium term, this will require the world's existing powers - notably the U.S. - to let India, and especially China, play a greater role on the world stage and adapt international institutions to allow them to exert greater influence."

Increases in labor force, meanwhile, are expected in Africa and the Middle East, Bloomberg wrote. Europe and East Asia's working-age populations is said to have a decline, with Japan having the biggest one at 25 percent. China and South Korea could have "a 17 percent to 18 percent contraction in their labor forces, while Greece, Portugal and Germany are forecast to fall by more than a fifth," the news outlet added.

A separate report from Bloomberg published last February featured Mexican Finance Minister Luis Videgaray saying that Mexico is expected to have a 3.2 percent and 4.2 percent increase in GDP this year. The nation's growing economy is attributed to job growth, a falling inflation rate, and rising consumption.

Mexico's expected 3.3 percent economic expansion this year is said to be the fastest since 2012, Bloomberg noted.

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