Iran among Worlds Top Economies by 2050
A country with a population of around 80 million, Iran is currently one
of the biggest economies of the Middle East and has a gross domestic
production (GDP) of around $380 billion.
A recent study shows that Iran will be among 32 most powerful economies in
the world by 2050.
The study, titled The long view: how will the global economic order change
by 2050? was carried out by professional services giant PwC and ranked 32
countries by their projected global gross domestic product by purchasing
PPP is used by macroeconomists to determine the economic productivity and
standards of living among countries across a certain time period.
It said Iran would be the 17th most powerful economy in the world within the
next three decades, adding that the country would outperform the incumbent
European players like Italy, Spain and the Netherlands whose ranks would be
21st, 26th and 32nd, respectively.
The Islamic Republic would also lead several Asian players like South Korea
(18) as well as the Philippines (19) and Malaysia (24).
Iran would closely track Pakistan (16) as well as regional rivals Saudi
Arabia (13) and Turkey (11).
At the top of the list of the best performing economies by 2050 would be
China which will be followed by India and the United States, as reported by
The biggest surprises may be Indonesia (4), Brazil (5), Russia (6) and
Mexico (7) which will be ahead of the Asian giant Japan (8) and the current
European powerhouse Germany (9).
In December 2016, the International Monetary Fund (IMF) said it expected
Irans economic growth to reach as high as 6.6 percent for the Persian
calendar year that ends on 20 March 2017.
It emphasized that the higher production and exports of oil after the
removal of sanctions would be particularly instrumental in boosting Irans
economic growth that was in recession last year.
A country with a population of around 80 million, Iran is currently one of
the biggest economies of the Middle East and has a gross domestic production
(GDP) of around $380 billion.
The main driving force of Irans economic growth is exports of oil. The
country is currently exporting close to 2.3 million barrels per day (mb/d)
of oil and analysts are already expecting the volume to increase to as high
as 2.5 mb/d.
Based on the budget bill for the next Iranian calendar year, the country
expects to sell its oil at around $50 dollars per barrel thus expecting its
annual oil revenues to be around $33 billion.
Officials in Tehran have already emphasized that serious plans have been
devised to increase the countrys oil production to as high as 5 mb/d over
the next few years what is expected to eventually generate higher oil
revenues and accordingly boost growth.
Check out the ranking below (All numbers are in US dollars and at constant
values (for reference, the USs current PPP is $18.562 trillion):
32. Netherlands $1.496 trillion.
31. Colombia $2.074 trillion.
30. Poland $2.103 trillion.
29. Argentina $2.365 trillion.
28. Australia $2.564 trillion.
27. South Africa $2.570 trillion.
26. Spain $2.732 trillion.
25. Thailand $2.782 trillion.
24. Malaysia $2.815 trillion.
23. Bangladesh $3.064 trillion.
22. Canada $3.1 trillion.
21. Italy $3.115 trillion.
20. Vietnam $3.176 trillion.
19. Philippines $3.334 trillion.
18. South Korea $3.539 trillion.
17. Iran $3.900 trillion.
16. Pakistan $4.236 trillion.
15. Egypt $4.333 trillion.
14. Nigeria $4.348 trillion.
13. Saudi Arabia $4.694 trillion.
12. France $4.705 trillion.
11. Turkey $5.184 trillion.
10. United Kingdom $5.369 trillion.
9. Germany $6.138 trillion.
8. Japan $6.779 trillion.
7. Mexico $6.863 trillion.
6. Russia $7.131 trillion.
5. Brazil $7.540 trillion.
4. Indonesia $10.502 trillion.
3. United States $34.102 trillion.
2. India $44.128 trillion.
1. China $58.499 trillion.