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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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China

What are Thailand’s options as trade war escalates?

One year after the tit-for-tat trade battle began, US exports to China have declined by 38% while China’s exports have fallen by 13% in the face of higher US tariffs. Both economies are suffering from the trade war.

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As the intensifying US-China trade war plunges the world into an economic slowdown, Thailand urgently needs to review trade policies to save its export-dependent economy.

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China

Thailand awarded Weibo 2019’s most popular destination

Chinese tourists are beginning to move from mainstream cities to emerging travel destinations; such as, the second tier cities, and the Tourism Authority of Thailand (TAT) hopes to provide Chinese tourists with quality information services

Tourism Authority Thailand

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Thailand was recently awarded as one of the “most anticipated and popular outbound tourist destination of 2019” due to its high-quality content and high click-through on the Weibo Page.

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Banking

Could China’s financial repression be good for growth?

China’s financial reform and development over the past four decades could be described as strong in establishing financial institutions and growing financial assets, but weak in liberalising financial markets and improving corporate governance.

East Asia Forum

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When China began economic reform in 1978, it had only one financial institution — the People’s Bank of China. As a centrally planned economy, the state arranged the transfer of funds and there was little demand for financial intermediation.

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