₦airaland Forum

According to a recently released PWC report available on most top British & European Newspapers and Tabloids, The UK economy will be overtaken by Nigeria and Mexico by 2050 as the country currently sitting among the Top Ten economies in the World may be displaced by these emerging economies given the current GDP growth rate of the country.

The UK’s economy’s will lag behind emerging markets, as its GDP growth rate falls from 2.3 per cent in 2014 to around 1.8 per cent in 2050, the report attributes an aging population and slothfulness among the countries workers as reason for the decline in the UK’s productivity.

Nigeria currently the 39th strongest Economy in the World under President Jonathan’s government in terms of GDP, Vietnam and the Philippines have high projected average growth rates of around 4.5-5.5 per cent per year until 2050. Malaysia is also projected to grow at around 4 per cent, which is higher than China’s projected average growth rate of around 3.5 per cent.

By 2050, according to a World Bank, Goldman Sachs study it is believed that if this current growth rate is maintained, Mexico will have become the Eight biggest economy in the world, and Nigeria the 13th by 2050. Turkey, Vietnam, Colombia, Poland and Malaysia are also slated to be the fast-growing large economies in the years taking us up to the middle of the century.

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John Hawksworth, PwC’s chief economist, said: “Europe needs to up its game if it’s not to be left behind by this historic shift of global economic power, which is moving us back to the kind of Asian-led world economy last seen before the Industrial Revolution. The US may hold up better, provided it can remain at the global technological frontier, and the UK could also perform well by G7 standards if it remains open to trade, investment, people and ideas.”

However, while it is easy to cite mammoth growth for emerging markets, PwC did state that for these economies to realise their full potential, their respective governments would need to pursue and maintain sensible economic policies.

- See more at: http://www.thewhistleng.com/we-dont-want-this-to-change-nigeria-mexico-to-overtake-uk-economy-given-current-growth-rate-exclusive/#sthash.rhm6kliM.dpuf


http://www.thewhistleng.com/we-dont-want-this-to-change-nigeria-mexico-to-overtake-uk-economy-given-current-growth-rate-exclusive/

GOODLUCK TO NIGERIA, GOD BLESS GEJ

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What again can you expect from GEJ administration if mot such good news

That is if there is still a country called Nigeria by 2050.

Who are those shouting change?? U want to change this progress abi. Park well o. GEJ till........

Economy is improving, GDP is increasing, poverty is growing, Power supply is depleting. Irreconcilable conflict.

phlemzy:
Economy is improving, GDP is increasing, poverty is growing, Power supply is depleting. Irreconcilable conflict.

it is a clear sign that the economy is not moving anywhere.

Nigerian economy can overtake many other countries' on paper but the issue of concern is, are Nigerians feeling the impact? When your economy grows on paper but you lack access to basic amenities that should come with such growth, what does that represent?

judging from my profession as an economist, our economy is stagnant better still it is dropping each day that passes by. when an economy is growing you will feel the impact not when seventy five percent of nigerians are still living in abject poverty, bad roads every where, no light. nigeria keep falsifying figures that the nigeria economy is growing. when economy grows we all will laugh and smile.

This must be an old report. As I know Nigeria was said to be the 25th largest economy after the re basing.

Paper economy, this time last year you can exchange £1000 for N250000, today £1000 is N320000, that's N70000 difference between this time last year and now
now. How does that translate to economic growth?