PricewaterhouseCoopers (PwC) the world’s second largest professional services network, has stated that with the right reforms and investments, Nigeria could become one of the world’s leading economies by 2030.
The latest report of PWC said if Nigeria, Indonesia and Mexico are able to build institutions to global standards, diversify their and sustain growth friendly policies, their economies could push those of United Kingdom and France out of the top 10 by 2050.
The PwC submission, was one of the key findings of the report titled: “The World in 2050: Will the shift in global economic power continue?”, in which PwC economists presented long-term projections of potential GDP growth up to 2050 for 32 of the largest economies in the world, covering 84 per cent of total global GDP.
PwC Nigeria’s Chief Economist, who is a co-author of the report, Andrew S. Nevin, said: “Over the past decade, Nigeria has boasted superior economic growth”.
According to him, “Nigeria’s potential advantages for future growth include a large consumer market, a strategic geographic location, and a young and highly entrepreneurial population.”
According to the report, the current global economic power shift away from the established advanced economies in North America, Western Europe and Japan will continue over the next 35 years – despite a projected slowdown in Chinese growth after around 2020.
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