A CHOICE FOR THE FUTURE
The decision to join BRICS seems a choice for the future. A PwC forecast expects China to be the world’s largest economy in 2050, with India overtaking the US to take the second spot. Indonesia, Brazil and Russia will rise to occupy the fourth, fifth and sixth places.
In the decades to come, the structure of power will shift. If in 2016, China and India accounted for 25 per cent of the global share of GDP, in 2050 they will contribute 35 per cent. Both the US and European Union will experience declines in their share going forward.
Viewed from another perspective, the contraction is clear. In 1995, the seven biggest emerging economies, or E7 (China, India, Indonesia, Brazil, Russia, Mexico and Turkey), were half as big as the G7 (United States, United Kingdom, Canada, Japan, Germany, France and Italy). The tables will be turned in 2050: The E7 could then be twice the size of the G7.
Anwar has got his numbers and trends right, and he is taking a pragmatic look at how things will turn out. He is not content with a quiet understanding of how things will unfold. He likely seeks to provide the leadership that will tilt for the future.
