6 March 2017
China will lead global economic development for at least 30 years, according to a recent report by global accounting firm PricewaterhouseCoopers (PwC). John Hawkesworth, PwC's chief economist, "One thing to say is that our projections are conditional on, if you like, maintaining an atmosphere of global trade being open and avoiding temptations of protectionism. So I think it was encouraging to see at the Davos meeting that the Chinese president was making a positive statement in favor of global free trade. I think that's quite important going forward to global growth”, The report also says that effective investment in education, infrastructure and science and technology will help to maintain long-term economic growth. The report graded 32 countries, based on their projected Gross Domestic Product (GDP) by Purchasing Power Parity (PPP) by the years 2030 and 2050. The emerging economies of Brazil, India, Indonesia, Mexico, Russia and Turkey will grow at an annual rate of almost 3.5 percent. They will eventually overtake today's economic giants - Europe, the US and Japan.