Turkey's GDP to increase to $3T by 2030, says PwC

The results of a study conducted by PricewaterhouseCoopers (PwC), one of the world's leading economic audit and management services firms, have been released with predictions for the world economy in 2030. According to the study, Turkey will be the 12th largest economy in the world by 2030, with its gross domestic product (GDP) expected to rise to $2.996 trillion.

Conducted in light of the latest economic data, the study indicates that global economic balances will clearly change in the coming years. The study report titled "The long view: how will the global economic order change by 2050?" reveals striking data, showing that global economic power is shifting toward emerging economies in the long term, with India, Indonesia and Vietnam leading this growth with their performance. The study discloses that China will outdo the U.S. in terms of purchasing power parity (PPP) by reaching $38 trillion in GDP and will become the world's largest economy by 2030. It will be followed by the U.S. with $23.475 trillion in GDP and India, the shining star of Asia, with $19.5 trillion in GDP.

According to the report, "Emerging 7" (E7) economies - China, India, Brazil, Mexico, Russia, Indonesia and Turkey - will dominate the list of the top 10 economies in the world by 2050. Among the "Group of 7" (G7) - Canada, France, Germany, Italy, Japan, the U.S. and the EU - only the U.S. will take place among the six largest economies. China and India will occupy the first two rankings, while Indonesia will rank fourth, followed by Brazil, Russia and Mexico. If PwC's predictions come true, Vietnam, the Philippines and Nigeria will make the highest leaps among the 190 countries studied. They will rise 12, nine and eight ranks, respectively.

Threshold of $5 trillion might be surpassed in 2050The PwC's predictions about Turkey are optimistic. Currently, it is the 18th largest economy in the world, with its nominal GDP of $736.716 billion. Turkey aims to be the 10th largest economy in the world by 2023, but it will not be able to achieve this position by 2030. It is expected to rank 12th with an economic capacity of $2.996 trillion, outperforming Italy and South Korea with $2.541 trillion and $2.651 trillion, respectively. PwC predicts that Turkey will reach $2.9 trillion in GDP over the next 13 years and will exceed the threshold of $5 trillion by 2050.

Turkey might forge aheadThe study highlights the following:

If Turkey can overcome the existing political instability and make progress in economic reforms, it could outperform Italy by 2030.E7 economies will grow by twice the average of G7 economies. As a result, six E7 economies, particularly China, India and Indonesia, will make up the seven largest economies in the world by 2050.

The world economy could double by 2042, growing by an average of 2.5 percent annually from 2016 to 2050.

China has already surpassed the U.S., the largest economy in the world, in GDP with regard to PPP. It might be the largest economy by 2030 in exchange rates.