India: World's Largest Economy by 2050
Bangalore: India will emerge as the economic superpower in 2050, beating United States and China, according to The Wealth Report 2012. This report was published by KnightFrank.Com and CitiPrivateBank.Com.
The report states that by 2050, India will become the economic superpower, with a GDP of $85.97 trillion, while U.S will have - $39.07 trillion. India will also witness an economic growth of 8.0 percent by 2050.
Grainne Gilmore, Head of U.K. Residential Research at Knight Frank, has spearheaded this research. According to Ledbury Research, specializing in monitoring global wealth trends, the number of people with $100 million plus worth of assets have increased by 29 percent since 2006 and are this number is expected to rise.
There was a marked growth in the global economy in 2011 but it was slower than that exhibited in 2010. The U.S. grew only by 1.8 percent, while the euro zone grew at a meager 1.6 percent during 2011. When compared to the West, Asia performed better, with an economic growth of 7.9 percent. Danny Quah, professor at London School of Economics, says that the “world’s economic centre of gravity” or focal point of economic activity in terms of GDP (Gross Domestic Product), will shift towards India and China in the future.