Australia will slip from 19th place in 2014 to 29th of the largest economies in the world in 2050, according to these projections.
In PwC's latest World in 2050 report we present economic growth projections for 32 of the largest economies in the world, accounting for around 84% of global GDP.
We project the world economy to grow at an average of just over 3% per annum in the period 2014 - 50, doubling in size by 2037 and nearly tripling by 2050.
But we expect a slowdown in global growth after 2020, as the rate of expansion in China and some other major emerging economies moderates to a more sustainable long-term rate, and as working age population growth slows in many large economies.
Other findings include:
- China will clearly be the largest economy by 2030, but its growth rate is likely to revert to the global average in the long run
- India will challenge the US for second place by 2050
- Indonesia, Mexico and Nigeria could push the UK and France out of the top 10
- Philippines, Vietnam and Malaysia are also set to be notable risers
- Colombia and Poland will grow more strongly to 2050 than Brazil and Russia.