Daisy Watts
Nov 15, 2023
The international economic scenario is expected to undergo significant evolution by the year 2050. Based on predictions made by PricewaterhouseCoopers (PwC) and other trustworthy sources, Yahoo News has consolidated a list of the top 20 top-ranking economies in the world.
Particularly, Pakistan has appeared as one of the countries positioned for significant economic growth, securing its position among the global economic giants, even though the prediction seems counterintuitive on the grounds that it is going through an economic crisis these days.
Pakistan, the fifth most populous nation in the world, holds a substantial advantageous position with its large adolescent population.
Notwithstanding current economic obstacles, PwC envisages Pakistan to be among the 20 biggest economies in the world by 2050, and to be precise, may rank 16th.
A study released by The Goldman Sachs Group, Inc. also projects Pakistan to occupy the sixth spot in the global economy by 2075.
Elements propelling Pakistan's economic growth
1. Youthful demographic
Pakistan's significantly young population can become a driving force for economic prosperity. With the right policy measures and financial backing of the government in education and skills development, this demography can assist considerably in the country's economic development.
2. Strategic geographical location
Pakistan's geographical position is at the confluence of South Asia, Central Asia, and the Middle East which offers enormous prospects for commerce and connectivity. It can serve as an indispensable gateway for regional economic cooperation.
3. Infrastructure development
Investments in infrastructure projects can take the country to its possible heights. The recent success story of the country is the China-Pakistan Economic Corridor (CPEC). There is the potential to spur economic progress by enhancing transportation, energy, and trade links within the country and the wider region.
4. Growing consumer market
With a massive and increasing middle class, Pakistan has a significant consumer market for both local and global businesses. This offers opportunities for bigger investment and economic diversification.
