The U.S is still the largest economy in the world, followed by China. But China is growing much faster than the U.S, and China`s GDP will grow twice as much as its size today and much faster than the U.S.
China will close its gap with the U.S by 2030.
Not only the U.S will be far less dominant, but some of the largest European economies will also lose to several emerging markets that will skyrocket into the new economic order. This is what we will see in the next fifteen year, according to the U.S Department of Agriculture.
As you can see from the chart above, the gray bar represents the $16,8 trillion gross domestic product projected for 2015. The green bar show you how much bigger the economy is expected to be the next fifteen years.
China and India will grow fast. India is raked eights this year but India will climb past Brazil, France, Germany, Japan and the U.K. according to IMF (International Monetary Fund), India will have the largest workforce in the world within the next fifteen years.
Take a look at Japan.
Despite their QE programs in Japan, they will not grow much the next fifteen years, and that will push the country down on this ranking list made by USDA which is only estimates. It`s interesting to see because Japan was so big until the bubble burst in the early 1990`s.
So, Japan will not be the growth story the next decade, but where is the growth in addition to China and India? Africa is looking great, and Uganda are among the best. They will climb 18 spots and will be ranked at 91.
The fastest growing countries in the world right now is China, followed by Philippines, Kenya and India. Emerging markets in Asia and Africa will be at the top of global growth projections over the next two years.
The world is expected to grow 3,2 percent in 2015 and 3,7 percent in 2016. The Euro zone is expected to expand just 1,1 percent, as ECB`s President Mario Draghi deals with a fragile Greece and embarks on a bond-purchase program to stimulate the Euro-zone`s growth.
China, India, Philippines, Indonesia and Kenya will grow more than 5 percent this year and make up about 16 percent of the global GDP together. Africa`s largest economy, Nigeria, is projected to expand 4,9 percent this year, and Kenya about 6 percent despite their high unemployment rate. China will slow to 7 percent this year, but they are still the fastest growing G-20 nation.
Asia and Africa will dominate the global growth in 2015.
U.S growth this year is expecting to be about 3 percent even as the dollar soars to its highest level in more than a decade.
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