Nigeria’s economy is to grow faster than those
of France and United Kingdom by 2030, a
consultancy firm, Price WaterhouseCoopers,
PwC, has projected.
Making the forecast in its latest report titled:
“The world in 2050: Will the shift in global
economic power continue?” PwC reported that
China will be the largest economy by 2030, while
India may challenge the United States for second
place by 2050 even as it predicted that the
emerging economies of Nigeria, Indonesia and
Mexico could push the UK and France out of the
top ten economies of the world by the year.
The firm, however, hinged Nigeria’s and other
countries’ capacities to meet the growth
trajectories on the extent to which their
governments are able to build their institutions to
global standards, diversify their economies and
sustained growth-friendly policies.
Reflecting on the report, the PwC Nigeria’s Chief
Economist and co-author, Mr. Andrew S. Nevin,
explained: “Nigeria’s potential advantages for
future growth include a large consumer market,
a strategic geographic location, and a young and
highly entrepreneurial population.
“With drop in oil pric, which could thwart this
possibility as a result of the attendant pressure
on fiscal policy, Nigeria will need to manage the
oil price decline effectively at all levels of
government and create a sustainable platform
for diversification into the sectors.
“We are all aware of the significant headwinds
created by the rapid drop in the oil price, putting
pressure on the fiscal and monetary systems, as
well as reducing economic growth in the short
term.
“To achieve its longterm economic potential,
Nigeria will need to manage the oil price decline
effectively at all levels of government and create
a sustainable platform for diversification into the
sectors that we know will drive the economy in
the future – including power, agriculture,
manufacturing, telecoms, hospitality and real
estate.”
According to him, over the past decade, Nigeria
has boasted superior economic growth and, with
the right reforms and investments, the country
could become one of the world’s leading
economies by 2030, with further progress by
2050.
The report stated further that Philippines,
Vietnam and Malaysia are set to be notable
risers with Colombia and Poland growing more
strongly by 2050 than Brazil and Russia.
With a long-term projections of potential GDP
growth up to 2050 for 32 of the largest
economies in the world, covering 84 per cent of
total global GDP, the PwC report projects insist
that the current global economic power shift
away from established advanced economies in
North America, Western Europe and Japan will
continue over the next 35 years – despite a
projected slowdown in Chinese growth after
around 2020.
Noting that the world economy is projected to
grow at an average of just over three per cent
yearly from 2014-50, doubling in size by 2037
and nearly tripling by 2050, the report which
tipped China as the largest economy by 2030 on
any measure, however stated that it expected
China’s growth rate to slow markedly after
around 2020 as its population ages and high
investment rate runs into diminishing marginal
returns.
“Eventual reversion to the global average has
been common for past high growth economies
such as Japan and South Korea and we expect
China to follow suit,” it stated.
Other highlights from PwC’s projections are that
India has the potential to sustain its higher
growth rate for longer and become a $10 trillion
economy by around 2020 in purchasing power
(PP) terms, or around 2035 at market exchange
rates while emerging economies like Indonesia,
Brazil and Mexico have the potential to be larger
than the UK and France by 2030.






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really?
make we dy watch na

I pray so o.
It started with VISSION 2000
Then we had VISSION 2005
Then they said ok VISSiON 2010
They later said VISSION 2015
Now its VISSION 2030
There is God o.

delishpot:
I pray so o.
It started with VISSION 2000
Then we had VISSION 2005
Then they said ok VISSiON 2010
They later said VISSION 2015
Now its VISSION 2030
There is God o.

lol,i pray this one comes to pass

Whizzcute:
lol,i pray this one comes to pass

Amen o

Another vission Na wa o

to overtake UK and co. in economic growth? what is the essence of growth without development