This report sets out our latest long-term global growth projections to 2100 for 32 of the largest economies in the world, accounting for around 85% of world GDP.The world economy could more than double in size by 2050, far outstripping population growth, due to continued technology-driven productivity improvementsEmerging markets (E7) could grow around twice as fast as advanced economies (G7) on averageAs a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)The US could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10% by 2050UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectivelyBut emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential. ---------------------------------- Asia is Earth's largest and most populous continent, located primarily in . The continent, which has long been home to the majority of the human population, was the site of many of the first civilizations. Asia is notable for not only its overall large size and population, but also dense and large settlements, as well as vast barely populated regions. Its 4.5 billion people (as of June 2019) constitute roughly 60% of the world's population. China and India alternated in being the largest economies in the world from 1 to 1800 CE. China was a major economic power and attracted many to the east, and for many the legendary wealth and prosperity of the ancient culture of India personified Asia, attracting European commerce, exploration and colonialism. The accidental discovery of a trans-Atlantic route from Europe to America by Columbus while in search for a route to India demonstrates this deep fascination. The Silk Road became the main east-west trading route in the Asian hinterlands while the Straits of Malacca stood as a major sea route. Asia has exhibited economic dynamism (particularly East Asia) as well as robust population growth during the 20th century, but overall population growth has since fallen The economy of Asia comprises more than 4.5 billion people (60% of the world population) living in 49 different nations.Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world's longest modern economic booms, starting from the Japanese economic miracle (1950-1990), Miracle on the Han River (1961-1996) in South Korea, economic boom (1978-2013) in China, Tiger Cub Economies (1990-present) in Indonesia, Malaysia, Thailand, Philippines, and Vietnam, and economic boom in India (1991-present). As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India, Japan, Indonesia, Turkey, South Korea, Saudi Arabia, Iran, Thailand and Taiwan and in terms of nominal (GDP) are China, Japan, India, South Korea, Indonesia, Saudi Arabia, Turkey, Taiwan, Thailand and Iran. Total wealth is mainly concentrated in East Asia, India and Southeast Asia, while if measured by GDP per capita; is mostly concentrated in the East Asia in Japan, South Korea, Taiwan, Hong Kong, Macau, Singapore, and Brunei, as well as in oil rich countries in West Asia such as Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait.Israel and Turkey are also two major economies in West Asia. Israel (entrepreneurship on diversified industries) is a developed country, while Turkey (founding member of OECD) is an advanced emerging country. Asia, with the exception of Japan (heavy industry and electrical sophistication), South Korea (heavy industry and information and communication technology), Taiwan (heavy industry and hi-tech parts manufacturing), Hong Kong (financial industry and services) and Singapore (high-tech manufacturing) recent years, is currently undergoing rapid growth and industrialization . China (manufacturing and FDI-led growth) and India (commodities, outsourcing destination and computer software) are the two fastest growing major economies in the world Story
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