Australia to drop out of top 20 economies by 2050

Australia will no longer be part of the world's 20 largest economies by 2050 and is likely to be overtaken by countries such as Argentina, Vietnam, Saudi Arabia and Nigeria, according to new forecasts by accounting firm PricewaterhouseCoopers (PwC).

The PwC report indicates that China is expected to supersede the United States as the world's biggest economy with GDP of roughly US$53,856 billion in purchasing power parity terms. China's share of world GDP currently sits at 10.5 per cent, compared to the US' 21.7 per cent of the global market.

In 37 years' time, the world's third largest economy is predicted to be India, followed by Brazil and Japan, heralding the onset of the much-talked about 'Asian Century'.

According to the PwC report, Australia will slip one place down from the 17th biggest economy in 2011, to 18th by 2030. Australia currently accounts for 2.1 per cent of world GDP.

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