Analytics, China, Economics, GDP, USA

Euromonitor International, the world’s leading provider of strategic market research and data analysis, has recently released a report “Why Economy, Finance and Trade Insights Matter for Business Strategy” on changing global economic landscape.

According to the report, rising importance of emerging markets combined with the sluggish performance of advanced ones are shaping the dynamics of global economy. This paradigm shift could possibly lead to the sunset of the long-lasting Western dominance and transform global consumer markets.

“In 2013 China overtook the USA in terms of GDP measured at Purchasing Power Parity to become the largest economy in the world. By 2030 the top three economies in terms of GDP measured at PPP will be China, the USA and India. Asia Pacific is forecast to account for over 50% of global GDP growth during 2018-2030. If current economic baseline trends are realised, this could be an Asian century as the region is set to become the backbone of the world’s economy,” states Macro Analysis Manager Ugne Saltenyte.

The rising importance of Asia Pacific is mostly on account of advanced economies. This shift of economic power is inevitably shaping global megatrends –  developed countries face increasing income inequality and shrinking middle class, while Asian and African states are at the center of Shifting Market Frontiers.

To get more insights on changing global economic landscape, download Euromonitor International’s report by clicking here.