DESPITE touting itself as the engine of growth in the sub Sahara Africa region, Ghana is not ranked among the most emerging economies in the world by the year 2030.
According to the U.S. Department of Agriculture’s (USDA) latest macroeconomic projections, neighboring Nigeria is the only African country that will feature in the top 20.
Nigeria whose economy is expected to hit 1 trillion in 2030 will rank 19th in the world by the next 15 years time. Its per capita income is also expected to hit $3,781 by 2030.
According to the report, East African country, Uganda will be among the biggest movers, leaping 18 places up to rank 91 in the world by 2030.
The United States of America will still be the strongest economy in the world but far less dominant.
The report says the U.S. will just barely remain the global leader, with $24.8 trillion in annual output.
The country, worth 25 percent of the world economy in 2006 and 23 percent in 2015, will see its share decline to 20 percent.
China's GDP is set to grow to more than twice its size today, helping the Asian powerhouse to almost entirely close its gap with the U.S.
India, ranked eighth for 2015, will climb past Brazil, the United Kingdom, France, Germany and Japan to take third place in the world ranking.
The International Monetary Fund calls India "the bright spot in the global landscape." The country will have the largest workforce in the world within the next 15 years, the IMF notes, and among the youngest.
Other nations won't be so lucky, particularly among developed economies.
Japan, which was a roaring economy until its asset bubble burst in the early 1990s, has already slogged through decades of stagnation and will likely continue to see very little growth over the next 15 years. That will push Japan down a spot in the rankings by 2030, according to the USDA estimates.
France will slide three spots, while Italy drops two. In the overall ranking, Jamaica will surrender the most ground, bumping down 13 places to 136.
The USDA is not the only and hardly the most widely-followed ranking of global economic growth, though it does offer the advantage of particularly long-term outlooks. The International Monetary Fund's economic outlook only projects two years.
<<Print>>