Latin America is experiencing notable economic growth that challenges its position among the world's great powers in the future, according to the report "The Long-Term Vision: How Will the Global Economic Order Change by 2050?" by PricewaterhouseCoopers (PwC) and Standard Chartered. This report anticipates that four Latin American countries will be among the global powers by 2050.
The authors of the report used Gross Domestic Product (GDP) and Purchasing Power Parity (PPP) as key metrics to analyze projected growth. Brazil and Mexico are the only Latin American countries that will be among the top 10 global economies by 2050, according to the study. Brazil would rank fifth with a projected GDP at purchasing power parity (PPP) of $7.54 trillion, establishing itself as the strongest economy in the region.
For its part, Mexico would rank seventh with a projected GDP of $6.863 trillion. In the ranking of global powers for 2050, there are countries such as China, India, the United States, Indonesia, Russia, Japan, Germany, and the United Kingdom, reflecting a significant reconfiguration of the global economic order, where Asia is establishing itself as an increasingly relevant player.
The report distinguishes two groups of global powers: the 10 largest advanced economies, the G7, and the seven most important emerging economies, referred to as the E7. The projections suggest that China, India, and the United States will lead the global ranking in 2050, with global economic growth primarily coming from emerging market economies.
China would maintain its status as the largest economy, with a GDP of $58.499 trillion, followed by India and the United States. Economic growth is expected to primarily come from emerging and developing countries, reflecting a higher average annual growth rate compared to the advanced nations of the G7.
In conclusion, the report highlights the importance of structural reforms and technological innovation as drivers of economic development for countries in a global scenario that will experience significant changes in the coming decades.
