Pakistan on-track to become World’s 23rd Biggest Economy
Pakistan is on-track to become the world’s 23rd biggest economy by 2040 according to a United States Intelligence Report. Based on Gross Domestic Product (GDP), Pakistan is standing on 39th position and will progress to the 23rd position by 2040.
As per the 7th edition of the “Global Trends” report by the US National Intelligence Council (NIC), Pakistan will improve by 16th places by the next two decades. It has been designed to assist policy makers and the citizens to anticipate the economic, environmental, technological and demographic forces to shape the world in the next 20 years.
The report examines the key structural forces interacting and intersecting with the factors which affect emerging dynamics at three levels of analysis involving individuals and society, states, and the international system.
As the global population growth slows and the world ages, there would be a prominent trend in the next twenty years centered over demographic shifts. Some developed and emerging economies, including in Europe and East Asia, will grow older faster and face contracting populations, weighing on economic growth.
The report envisages that the developing countries in Asia are expected to account for approximately 35 percent of total Global GDP with India and China being the largest contributors at 29 per cent of global GDP. However, the report stated that the populous countries that most likely will still be below the median age threshold in 2040 are Afghanistan, Egypt, and Pakistan.