Europe will have undergone a radical economic reconfiguration by 2050, according to an HSBC report on the development of the global economy over the next four decades.
Austria, Belgium, Denmark and Sweden are forecast to drop out of the top 30 most productive nations by 2050.
HSBC says that by 2050 the emerging world will have increased five-fold to the point where it is larger than the developed world. Nineteen of the top 30 economies will be countries that are at present described as “emerging”. (article continues below)
Developing economies, including Colombia, Indonesia, Malaysia, Mexico, Thailand, and Venezuela, are expected to make “substantial progress” up the global league table.
In Europe, HSBC predicts that the size of the Turkish economy will exceed Russia’s by 2050.
China and India are forecast to become the largest and third-largest economies over that period.
The report, The World in 2050, tries to map a shift in the global economy based on the growth of emerging markets.