World In 2050: Nigeria, South Africa, Egypt among most powerful economies

In three decades from now, the economy of Nigeria will be bigger than that of Australia or the Netherlands, according to a PricewatershouseCoopers’s projection.

It is projected that the Gross Domestic Product (GDP) of Nigeria will be $1.79 trillion that of Australia and the Netherlands will be $1.66 and $1.08 trillion respectively. Going by this projection, Nigeria, currently in the longest recession in its history, will be the 21st most powerful economy in the world.

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The PricewatershouseCoopers’s (PwC) report, which was published yesterday, is titled ‘The Long View: How Will the Global Economic Order Change by 2050?’

John Hawksworth, Chief Economist, PwC UK, who wrote the foreword to the report said the method for arriving at the conclusions was based on a rigorous modelling approach, which ‘‘focuses on the fundamental drivers of growth: demographics and productivity, which in turn is driven by technological progress and diffused through international trade and investment’’.

These were the same forces which made the United States ‘‘progress through the 19th and 20th century to become the largest economy in the world despite a civil war, various other conflicts with foreign powers, three presidential assassinations, and numerous economic and financial crises’’, Hawksworth said.

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Egypt and South Africa are the other two African countries which made the PwC list of 32 countries ranked according their projected GDP. With a projected GDP of $2.04 trillion Egypt is 19th and South Africa is 30th, GDP $1.15 trillion.