ISLAMABAD: The economies of emerging market minnows Egypt and Pakistan could surpass the Canadian economy by 2050, according to a “brave” new report by management consultancy PricewaterhouseCoopers (PWC).
“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.
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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.
By contrast, Canada’s US$1.5 trillion massive economy placed it as the 10th largest in the world.
By PWC’s MER measure, Canada’s GDP will slip to No. 17 by 2050, only narrowly beating both Egypt (No. 18) and Pakistan (19).
