The U.S. will no longer be the dominant economy by 2030

15 years from now, the United States will no longer be as dominant economically as it is now. Such a development is not unique. The larger European countries will slip further behind while some emerging markets will catapult into prominence. That is according to the U.S. Department of Agriculture’s (USDA) latest macroeconomic projections leading up the year 2030.

The U.S. will just barely remain the global leader with $24.8 trillion in annual output. China’s GDP will grow to more than twice the size it is today. India will surpass Brazil to take third place. The country will have the largest and among the youngest workforce in the world within the next 15 years.

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There are still a lot of uncertainties especially with long-term outlooks. Which countries do you see dominating the world market in 15 years? Share your thoughts below.

Read the full article here: http://www.bloomberg.com/news/articles/2015-04-10/the-world-s-20-largest-economies-in-2030

Infographic: The global economy in 2030

China’s share of global economic power will hit 18% in the year 2030, matching the might of the American economy in the 1970s and Great Britain’s a century before that. That’s the forecast of Arvind Subramanian of the Peterson Institute for International Economics. In 2030, Subramanian predicts China will hold 18% of the world’s economy, the US 10.1% and India 6.3%. If those figures are right, then China is going to take over the US as the world’s economic superpower way before 2030 — not an inconceivable thought at the rate American politicians are pushing China to revalue the yuan while their own economy remains in the doldrums.

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Via The Economist.