Canada to withdrawal from the top 20 economies

New reports from PricewaterhouseCopper (PwC) shows that despite advanced international economies growing at an admirable rate, some of such economies have not been able to keep their position on the list which means there will be a significant change in economic giants.
Even though the world’s leading economies Canada and US will hold on to their past positions, upcoming economies are however expected to bridge the gap between incomes and overtakes these leaders.
As leading economies are bond to stagnate in their past position, developing economies are set on reaching higher. Leading economies are also expected to grow but not at the rate developing economies are growing according to PwC. This economic overtake is expected to occur by 2050.
PwC which is one of the world’s largest accounting firms stated that developing economies such as Indonesia, Brazil and Mexico are projected to surpass that of the UK and France while Pakistan and Egypt will likely surpass Italy and Canada.
Fast growing developing economies are expected to replace today’s giants through 2050 as according to PwC, Vietnam, India and Bangladesh are projected to have a growth rate of 55 per year by 2050 while Canada and the US are estimated to have their GDPs increase less than 2%.
This implies that there is a likelihood that Canada will drop out of the top 20 list and the US will go down to third place.
This change is already becoming evident as Canada which ranked and the 7th economy in the past is presently at 17th this year and this number is expected to further decline to 22 by 2050 leaving out of the top 20.
In addition the US which number 2 is expected to move down to 3 as India takes the position. By 2030, Canada and the US are expected to grow by 27% and 26% respectively but this cannot be compared the 78% and 123% growth rate expected from China and India.

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