ISLAMABAD: A report by management consultancy Price water house Coopers (PWC) forecasts that Pakistan could surpass the Canadian economy by 2050.
According to sources, “By 2050, emerging economies such as Mexico and Indonesia are likely to be larger than the UK and France, while Pakistan and Egypt could overtake Italy and Canada,” PWC said in a report published Tuesday. The findings based on gross domestic product purchasing power parity (PPP) terms also forecasts India will replace the United States as the world’s second largest economy after China by 2050.
According to the measure, Canada is currently ranked as the 17th largest economy, but by 2030 the country will slip to No. 18 and by 2050 to No. 22. Egypt will move to No. 15 place and Pakistan right behind it.
Despite the Canadian economy’s diminished status, the country’s GDP will roughly double to US$3.1 trillion by 2050 from its current level.
The PWC forecast seems incredulous as Egypt’s GDP based on the more common market exchange rates (MER) stood at US$340 billion and Pakistan a mere US$284 billion in 2016.
