According to a long-term forecast from Standard Chartered Bank, the world's gross domestic product (GDP) ranking will have a major change. In particular, China will become the largest economy by 2030, based on the equivalent purchasing power ratio and nominative GDP.
Our long-term economic growth forecast is based on a core principle: the proportion of countries in the world's GDP will be similar at times to the proportion of countries in the world's population, because developed and emerging economies will be similar at times in GDP per capita," Standard Chartered's report stated.
India is expected to likely surpass the US, while Indonesia will enter the top 5 global economies.
Standard Chartered forecasts an economic growth trend of 7.8% in the years of the 20s, while this figure for China is expected to decrease to 5% by 2030, reflecting the natural decline in the scale of the economy. Meanwhile, Asia's share of global GDP will increase to 35% by 2030.
