Japan’s share of global economic output will halve to 3.2% in 2060 from 6.7 percent in 2011, according to projections by the Organization for Economic Cooperation and Development (OECD) .
The eurozone’s share of global gross domestic product is projected to fall to 8.8% from 17.1% by 2060, leaving both the 17-nation currency bloc and Japan lagging behind Indonesia and Brazil, The Japan Times reported Sunday citing the Paris-based OECD.
China and India are forecast to surpass the United States and become the world’s leading economic powers by the target year, the OECD predicts.
China will likely overtake the US as the world’s largest economy as early as 2016, the OECD said, estimating China’s share of global GDP will reach as high as 27.8% in 2060 compared with 17.0% last year.
The share of the US is expected to fall to 16.3% from 22.7% during the same period, while India’s will to rise to 18.2% from 7.0%.
By 2060, China and India will together account for almost half of global GDP, or 1.5 times the combined share of the Group of Seven advanced economies, according to the OECD’s calculations.
The average growth rate from 2011 to 2060 is projected at 1.3% for Japan, 2.1% for the US, 4.0% for China and 2.9% for the global economy. The OECD based its predictions on 2005 purchasing power parities.