Nigeria to emerge world 5th largest economy in 2075-Goldman Sachs’
…GDP to hit $13.1trn in 51 years
Maureen Aguta
A recent Goldman Sachs’ projection paints a picture of a world where Asia’s economic clout is markedly pronounced, with China and India leading the charge. The list also reflects the significant growth of economies in Africa, the Middle East, and Latin America, indicating a more diversified global economic landscape.
It indicated that Nigeria would emerge the 5th world largest economy in 2075 with a $13.1 trillion GDP. It noted that what will drive Nigeria’s economic growth includes its large and young population, potential in agriculture and energy sectors, and emerging technology sector.
However, political instability, infrastructure deficits, and diversifying economy beyond oil would major challenges the country might have to contend with.
Other African countries the rating institution listed to emerge economic powerhouses in 2075, includes Egypt which it said will become the 7th largest economy in the world with $10.4 trillion GDP.
Egypt’s growth according Goldman Sachs’, will be driven by its strategic location, growing service sector, and government reforms in infrastructure and energy.
But it would have to contend with political stability, water resource management, and diversifying the economy.
South Africa, the third African country on the list would have a $3.3 trillion, even as its growth will be driven by its richness in natural resources, developed financial and legal systems, and regional influence.
The challenges it would have to contend with are political instability, economic inequality, and addressing unemployment and education.
Ethiopia with GDP of $6.2 trillion, see its growth propelled by its agricultural potential, growing manufacturing sector, and large population.
Political instability, infrastructure needs, and managing ethnic divisions, are the challenged that could draw its development back.
In the new world, China would emerge the largest economy in the world with $57 trillion GDP. It would be followed by India with $52.5 trillion GDP. The United States, currently the largest economy in the world, was placed in the third position; it would be followed by Indonesia with a $13.7 trillion GDP.