A global economy major shift will happen this coming 2020, as MarketWatch forecast the economic performance of the country.
In its new report, the global economy is about to face a major shakeup. By 2020, China will have unseated the Washington as the world’s top economic powerhouse.
Also, by 2030, the U.S. will also fall behind India, according to MarketWatch.
Ultimately, the rankings will be determined by the well-being of each country’s middle class, according to research by Standard Chartered Bank.
Based on the bank’s report, which was covered by MarketWatch and Business Insider, the middle class in China and, to a lesser extent, India, has been booming while wealth inequality will got worst in America.
“The global middle class is at a tipping point,” wrote Standard Chartered Bank researcher Madhur Jha in the report, as quoted by MarketWatch.
“By 2020, a majority of the world population will be classified as middle class. Asia will lead the increase in middle-class populations even as middle classes stagnate in the West.”
As a result, seven of the 10 largest economies, according to GDP measurements, will be countries that are currently just emerging in the global market.
Rapid urbanization in the coming years will help these countries rocket to the top of the global leaderboard, passing more developed countries like the U.S. that aren’t developing as quickly, according to the bank’s research.
It seems the economic forecast of the said economy groups and experts may given the incumbent scenario of White House, due to partial shutdown, it gives strong points to the claims.