Which countries will have the top 10 economies in 2028?
The United States has been the dominant global power for decades but forecasters see changes ahead as economic positions change.
According to the recent forecast by the International Monetary Fund, China will overtake the United States as the world’s largest economy in 2028. The projection also indicates that China will be one of four Asian countries that make up the top six with the highest gross domestic product by purchasing power parity values at that period.
The financial institution shows the economic growth of China and India has been pronounced since the 1990s, while Indonesia has entered more recently among the ten largest economies in the world. It is expected to reach the sixth position within five years.
Top 10 economies of the world in 2028
Based on GDP by purchasing power parity in 1992, 2010 and 2028, and according to Statista’s world ranking of countries, the 10 nations that will make up the top world economies in five years are: China, the United States, India, Japan, Germany, Indonesia, Russia, Brazil, France and the United Kingdom.
In 1992, the ranking of the 10 nations consisted of the United States, Japan, Germany, Russia, China, Italy, France, India, Brazil and the United Kingdom. In 2010, the top ten list was made up of the United States, China, India, Japan, Germany, Russia, Brazil, France, the United Kingdom and Italy.
The rise of China
China’s economy has grown rapidly since the 1980s due to a combination of internal reforms, foreign investment, and export-driven industries. Since the eighties the world has used China to manufacture nearly all of its goods.
In 1970, China’s annual GDP was less than $100 billion, but is today as high as $17.5 trillion. With an annual GDP growth of nearly 10% for 31 years until 2010, which has slowed to a still-impressive 5% in the years since, the country continues to surge towards the US and is expected to become the world’s largest economy by any GDP measure by 2035.
Asian middle class
Japan is expected to slide to fourth place, while Russia would settle at seventh. All of this will lead to a series of new decisions for companies, governments and non-governmental organizations, with the burgeoning Asian middle class being one of the reasons for the change in GDP in the continent.
Although China has been a benchmark of market growth for much of the 21st century, the country is now facing an aging population, which will curb consumption. Indonesia, along with the Philippines and Malaysia, will increase their active population considerably in the coming years.