Russia to become Europe’s top economy

Credit: Maksim Blinov | RIAN

By 2030, Russia is expected to become the world’s 8th and Europe’s largest economy, leaving such powers as Germany and England behind, a forecast by analytics of the British bank Standard Chartered said, Bloomberg reports.

China will hold the top stop as the world’s largest economy with its GDP of $64.2 tln, while India will rank 2nd and the United States 3rd, with their GDPs of $46.3 tln and $31 tln, respectively. Indonesia and Turkey will also make the top five economic powers. Russia will be the eight-largest economy, leaving Japan and Germany behind, as well as other European countries. Russia’s GDP will grow about fivefold from the current $1.5 tln and will reach $7.9 tln.

The long-term forecasts for growth are based on one key principle: the share of the countries in the global GDP should ultimately coincide with their share of the global population, which is due to convergence of the level of GDP per capita between the developed and developing countries, Standard Chartered economists say.

Currently, China has a population of about 1.4 bln people, or 10 times the population of Russia and 5 times the population of the USA. The share of the Asian countries in the global GDP, which grew from 20% in 2010 to 28% last year, is expected to reach 35% by 2030, which corresponds to the overall share of the USA and eurozone countries in the global GDP.

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