Russia to become the strongest European economy in 20 years – PwC

In 2030, Russia will become the strongest economy in Europe. As for the world in general, in will be the 5th – predicted analysts from the international audit and consulting company «PricewaterhouseCoopers LLP». The PwC’s report on perspectives of the global economy was presented in London last Friday. According to it, among European countries, Russia will be followed by Germany and France (the 2nd and the 3rd places, respectively).

The report introduces the notion of «geopolitical revolutions», which means cardinal change of leaders of the global economy. Traditional leaders – industrial «superpowers» of the West and not only, all united in G7 (the USA, Japan, Germany, France, Great Britain, Italy, and Canada) – will eventually surrender their crown to «E7», which means «seven largest emerging markets» (China, Russia, India, Brazil, Mexico, Indonesia, and Turkey). According to PwC, in 2019 E7 will already have the same total GDP as G7, and 10 years later (in 2030), it will be 30% higher.

To compare with, in 2000 G7’s total GDP exceeded the one of E7 by 50%. This year, the difference is only 35%. E7’s influence is extremely high, and the question is not even whether it will overtake G7 or not (it will!), but when exactly this is going to happen – commented John Hawksworth, head of macroeconomics at PricewaterhouseCoopers. He answered this question himself: according to his calculations, China will overtake US economy in 2020, and will become the largest economy in the world. Consequently, in 2030 the global rating will look as follows: China, the USA, India, Brazil, Russia, Germany, Mexico, France, and Great Britain.

Source: «Vedomosti»