Pakistan projects to be among the world’s largest economies by 2075: Goldman Sachs – Business

Pakistan projects to be among the world's largest economies by 2075: Goldman Sachs - Business
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A research paper published by Goldman Sachs on Tuesday projected Pakistan to be the world’s sixth-largest economy by 2075, given “appropriate policies and institutions.”

Written by economists Kevin Daly and Tadas Gedminas and titled ‘The Road to 2075’, the paper projected that the five largest economies by 2075 will be China, India, the US, Indonesia and Nigeria.

Goldman Sachs has been projecting countries’ long-term growth for nearly two decades, initially starting with the BRIC economies, but over the past 10 years has expanded those projections to cover 70 emerging and developed economies.

His latest article covers 104 countries with projections going as far as 2075.

Pakistan’s future star status is predicted on the basis of its population growth, which along with Egypt and Nigeria, could put it among the world’s largest economies in the next 50 years, according to Goldman Sachs.

By that time, the research projects that Pakistan’s real GDP will have grown to $12.7 trillion and its GDP per capita to $27,100.

However, these numbers are projected to be less than a third the size of China, India and the US. India’s real GDP in 2075 is projected at $52.5 trillion and GDP per capita at $31,300.

Among the key risks to their projections, the economists single out “environmental catastrophe” and “populist nationalism” in particular.

Unless a path to sustainable growth is secured through a globally coordinated response, climate change could significantly skew these projections, particularly for countries like Pakistan whose geography is particularly vulnerable.

With the rise to power of populist nationalists in many countries, the report says it could lead to greater protectionism that could result in the reversal of globalization, thus increasing income inequality between countries.

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