"In fact, China has already overtaken the US to become the world's largest economy in PPP terms, while India currently stands in third place and is projected to overtake the US by 2040 in PPP terms," PwC said. Moreover, PwC believes Vietnam, India and Bangladesh would be three of the world's fastest growing economies over this period. "We will continue to see shift in global economic power away from established advanced economies towards emerging economies in Asia and elsewhere. The E7 could comprise almost 50 per cent of world GDP by 2050, while the G7's share declines to only just over 20 per cent," PwC Chief Economist and co-author of the report John Hawksworth said. Deepankar Sanwalka, Leader- Advisory, PwC India said "this shift in global economic power to emerging economies is one of the most relevant and pronounced megatrends for India".

Source: dna February 07, 2017 10:14 UTC