3 May 2019
Friday Tidbit: Asian Century
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The Gross Domestic Product (GDP) forecast by the International Monetary Fund (IMF) for the next four years to 2023 does not show any change in the ranking of the top 10 economies.
The United States is projected to still rank 1st at US$24.7 trillion, China 2nd at $14.2 trillion and India 5th at US$4.3 trillion by 2023.
However what maybe missed is that the IMF is forecasting GDP to increase 38.2% for China and 46.4% for India while United States is expected to rise by only 14.8% or less than half by comparision.
Asia is closing the gap and rapidly.
Interestingly Australia continues to be a good news story and is forecast to increase its ranking from 14th to 13th with US$1.8 trillion GDP by 2023.
Click for table.
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