Politics: Three African countries that would be among 32 most powerful economies in the world by 2050
By 2050, some of the world economic powerhouses will be in Africa.
The world’s economic and financial landscape is expected change by 2050. And three African countries – South Africa, Egypt and Nigeria are projected among economic powerhouses.
A report by PricewaterhouseCoopers (PwC) assessed economies around the world, and thus identified 32 best countries by 2050. This result is based on the projection gross domestic products by their purchasing power parity of these countries.
Purchasing Power Parity (PPP) is used by macroeconomists to determine welfare and economic productivity of people living in a country at a time.
In the report titled: "The long view: how will the global economic order change by 2050”, Many African countries would experience rapid economic growth. While only Nigeria, South Africa and Egypt would be among 32 biggest economies.
Some of the current economic powerhouses such as Germany, Japan and France would slip from their position. Due to the emergency of some emerging economies as an economic power block.
New economic leaders – China and India, are posted to reign by this time.
Vietnam, Philippines and Nigeria are to experience highest economic prosperities within this period. Though, the economic prosperity of Nigeria is tied to its ability to diversify her economy.
Just like Nigeria, South Africa and Egypt are also currently facing the economic downturn. Both South Africa and Egypt were declared to have gone into technical recession in Q1 2017 and Q4 2016 respectively.
Emerging business opportunities from untapped economics and natural resources are noted to drive this economic progress in Africa. New industries and technological hubs are projected to drive this projected economic progress.
Also, strong institutions, stable social and macroeconomic fundamentals are considered more important for this projection to come true.