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Will Asian economies dominate the world in 2050?

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Out of the 10 largest world economies of the world, four will be from Asia with China and India leading the world by 2050, according to the PwC report.

Key findings

The report sets out our latest long-term global growth projections to 2050 for 32 of the largest economies in the world, accounting for around 85% of world GDP.

Key results of PcW analysis (as summarised also in the accompanying video) include:

  • The world economy could more than double in size by 2050, far outstripping population growth, due to continued technology-driven productivity improvements
  • Emerging markets (E7) could grow around twice as fast as advanced economies (G7) on average
  • As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th)
  • The US could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10% by 2050
  • UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively
  • But emerging economies need to enhance their institutions and their infrastructure significantly if they are to realise their long-term growth potential.
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Business

Sony to shift smartphone plant to Thailand

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Sony’s share of the smartphone market has fallen sharply in recent years

BEIJING/TOKYO, March 28 (Reuters) – Sony Corp will close its smartphone plant in Beijing in the next few days, a company spokesman said, as the Japanese electronics giant aims to cut costs in the loss-making business.

Sony will shift production to its plant in Thailand in a bid to halve costs and turn the smartphone business profitable in the year from April 2020, the spokesman said on Thursday.

The decision to scale back its smartphone workforce, which could see up to 2,000 of the total 4,000 jobs cut by March 2020, is part of a move to reduce fixed costs in the business, and also includes procurement reform.

Sony’s share of the smartphone market has fallen sharply in recent years — from more than 3% in 2010, according to the research portal Statistica — to less than 1% currently.

It has struggled to compete against leaders Apple, Samsung Electronics and Huawei Technologies, all of which are racing to develop new 5G devices.

Sony’s smartphone business was one of the few weak spots in its otherwise robust earnings, bracing for a loss of 95 billion yen ($863 million) for this financial year. ($1 = 110.1200 yen).

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China

How will Thailand’s election affect China?

China’s investment in Thailand will not be affected much by the result of the general election.

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According to Chang Xiang a researcher at the Thai-Chinese Strategic Research Center at the National Research Council of Thailand, China’s investment in Thailand will not be affected much by the result of the general election.

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Banking

Thailand to benefit from trade and investment diversion away from China

In a recent research report Moody’s identifies which Asian countries are most vulnerable to slower global trade volumes and which stand to gain.

Olivier Languepin

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Shifts In Production Chains Positive For A Few Sovereigns Over Time

In a recent research report Moody’s identifies which Asian countries are most vulnerable to slower global trade volumes and which stand to gain.

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