Who Will Be At Top. . . the Chindian Race!

     China Top Economy in 2020, India in 2050

 India, currently boasting the fourth-largest economy in the world in terms of purchasing power parity (PPP), will become the largest by 2050, according to  "The Wealth Report-2012", released by global property firm Knight Frank and Citi Private Bank. The report also predicts China, currently the world’s second largest economy, will take the top spot from the United States by 2020.

According to the report, by 2050 the Indian economy is expected to be worth $85.97 trillion while China’s GDP would stand at $80.02 trillion. Both figures are forecasted to be dramatically higher than that of the United States, which is expected to have a GDP of $39.07 trillion by 2050 – dropping two places from the current number one spot.

The report emphasizes the movement of wealth concentration from Western markets towards Eastern Markets; the West’s share of global real GDP is predicted to fall from 41 percent in 2010 to just 18 percent by 2050.

In addition, when leading commentators were asked to predict the world’s top city in 2050, Shanghai emerged as the most popular choice. In terms of real estate, the report noted the importance of China’s housing market, describing it as “the single most important sector to the entire global economy”. Construction in China in 2011 accounted for 13 percent of China’s GDP, 20 percent of global steel production, and was the dominant consumer of the world’s iron, copper and cement. Of the world’s most expensive cities for real estate, Hong Kong was ranked 4th ($47,500 per square meter), Singapore 13th ($25,600), Shanghai 22nd ($19,600), Beijing 26th ($17,400) and Mumbai, the only Indian city in the top 40, was ranked 36th ($11,400).

Although it has a global scope, The Wealth Report 2012 shows emerging Asia in a particularly good light – and rightfully so. The region as a whole is set to explode in the coming years in terms of economic growth, consumption, and its role in global affairs.

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Source: http://www.2point6billion.com/news/2012/03/30/report-china-top-economy-in-2020-india-in-2050-10921.html

Krishna Prasad Sharma