Bangladesh's economy is likely to grow at the fastest rate after Vietnam and India in the next 34 years, according to the latest report of a global professional service network group.
The country will maintain an average growth rate of 4.8 per cent annually in the next 34 years to 2050, when it will become the 23rd largest economy of the world in terms of purchasing power parity (PPP).
PricewaterhouseCoopers (PwC) in its latest update on the report titled 'The World in 2050' made the projection.
The report mentions that Bangladesh's economy will continue to grow at the third highest average pace during 2016-2050.
"In terms of growth, Vietnam, India and Bangladesh could be the fastest growing economies over the period to 2050, averaging growth of around 5% a year," said the report.
Vietnam will grow by 5.0 per cent annually followed by India with 4.9 per cent on an average and Bangladesh with 4.8 per cent. Pakistan (4.4pc), the Philippines (4.2 pc), Nigeria (4.2pc) and Egypt (4.1pc) are projected to follow Bangladesh.
The multinational professional service network group first published this report in March 2006. The report then made projections on potential growth in Gross Domestic Product (GDP) in 17 leading economies over the period to 2050.
Later these projections were updated in March 2008, January 2011, January 2013 and February 2015 expanding the country coverage. Bangladesh was included in the list in 2015 and projected to be 23rd largest economy in 2050. In the latest update, released this month, the PwC kept the projection unchanged.
"By 2050, emerging economies such as Indonesia, Brazil and Mexico are likely to be larger than the UK and France, while Pakistan and Egypt could overtake Italy and Canada (on a PPP basis)," added the report.
In 2016, Bangladesh was ranked 31st largest economy, followed by Vietnam, with the Gross Domestic Product (GDP) worth $ 628 billion on the PPP basis.
14 years later in 2030, the country will be the 28th largest economy as its GDP will rise to $1324 billion. And in 2050, it will emerge the 23rd largest economy, outstripping countries like Malaysia, Thailand, Australia and Argentina.
According to the report, fast population growth may boost GDP in Nigeria and Pakistan, provided jobs are created for young people in these countries..
"The largest movers over the next 35 years are projected to be Nigeria, Vietnam and Pakistan," said the PwC report. "Nigeria, which currently ranks 22nd, could move up to 14th though this is dependent on diversifying its economy and addressing weaknesses in institutions and infrastructure."
"Vietnam could move from 32nd to 20th and Pakistan could move from 24th to 16th," it added.
"Other strong emerging market performers include Bangladesh that moves from 31st to 23rd and the Philippines, which moves up nine places to 19th by 2050."
Such advancement of these economies is, however, subject to some broad sets of conditions.
According to the report: "To realise this growth potential, emerging market governments need to implement structural reforms to improve macroeconomic stability, diversify their economies away from undue reliance on natural resources (where this is currently the case), and develop more effective political and legal institutions."
The PwC also projects that China will remain the largest economy while India will replace the United States as the second largest economy in 2050 when the world economy could more than double in size.
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