PricewaterhouseCoopers, one of the world’s largest professional-services firms, in its latest report places Nigeria at the 14th position among thirty-two countries that will be world’s most powerful economies by 2050.
The report, titled “The long view: how will the global economic order change by 2050?” ranked the countries by their projected global gross domestic product at purchasing power parity (GDP at PPP).
GDP at PPP adjusts for price level differences across countries and provides a better measure of the volume of goods and services produced in an economy.
The report revealed that Nigeria has the potential to be the fastest growing largest African economy and could move up the GDP rankings from its current 22nd place to 14th by 2050 with a growth of around 4% per annum in the long-run if it succeeds in economic diversification.
Growth will be largely driven by demographic changes as Nigeria will experience significant increases in both total population and working age population between 2016 and 2050.
The report added that ways through which the country could achieve inclusive growth and sustainable development include, improving tax collection, diversifying the economy, reducing corruption, easing the constraints of doing business and increasing labour productivity.
According to the document, China will remain the world’s most powerful economy by 2050 followed by India (2nd), the United States (3th) and Indonesia (4th). Other African countries in the ranking are Egypt (15th) and South Africa (27th).