One of the
big four global accounting firms, Price Waterhouse Coopers (PWC), has released its extended 2013 study, titled –
World in 2050 The BRICs and Beyond: Prospects, challenges and opportunities – which also includes projection on Vietnam, Nigeria, South Africa, Malaysia, Poland, Saudi Arabia and Argentina. BRIC is an acronym for Brazil, Russia, India and China – four biggest emerging economies – today.
The study says that Nigeria will be the 13th biggest economy in the world in 2050, giving many of the present indices and what they will become by that time. Nigeria, will be included in the G20, and be invited to table, on issues regarding the world economy and its health.
The report “concludes that the emerging economies are set to grow much faster than the G7 over the next four decades. Figures for average growth in GDP in purchasing power parity (PPP) terms (which adjusts for price level differences across countries) show Nigeria leading the way over the period from 2012 to 2050, followed by Vietnam, India, Indonesia, Malaysia, China, Saudi Arabia and South Africa.”
It also submits that, “Nigeria could be the fastest growing country in our sample due to its youthful and growing working population, but this does rely on using its oil wealth to develop a broader based economy with better infrastructure and institutions as regards rule of law and political governance and hence support long term productivity growth – the potential is there, but it remains to be realised in practice.”
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This article was first published on 19th January 2013 and updated on January 25th, 2013 at 6:31 pm
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