US to Remain Largest Economy in 2030
Bangladesh to surpass Malaysia, Vietnam and Hong Kong in 5 years
IMF Headquarters in Washington DC, USA. Collected photo.
The International Monetary Fund (IMF) has projected that Bangladesh's economy will reach $677 billion by 2030 outdoing many in the Asian region. In terms of Gross Domestic Product (GDP) size, it will overtake advanced economies like Malaysia, Vietnam, and Denmark. During this period, Bangladesh will become the world's 32nd largest economy.
The Washington-based multilateral development organization projected that Malaysia's GDP will reach $672.5 billion in 2030. During the same time, the economies of Vietnam, Denmark, and Hong Kong will reach $667.5 billion, $589.2 billion, and $536.9 billion, respectively.
These details were revealed in a report titled "The $150 Trillion Global Economy in 2030," published by the Canadian media outlet Visual Capitalist. The list was compiled based on the GDP of the respective countries.
GDP is a major indicator of economic activity within a country. It reflects the total value of all economic activity (goods and services) in both the public and private sectors over a specific period.
In the list of 180 countries, Malaysia (33rd), Vietnam (34th), Denmark (40th), and Hong Kong (42nd) will be positioned in 2030. Just ahead of Bangladesh in the ranking are the Philippines, Malaysia, Vietnam, and Cambodia.
According to the forecast, the United States will remain the world's largest economy in 2030. The country's total domestic product (GDP) could rise to nearly $37.7 trillion. China will hold the second position, with its economy expected to reach around $26 trillion. However, a fierce competition is expected for the third spot. The economies of Germany and India could be almost equal in size by 2030, with a projected gap of just $5 billion between them. The GDPs of Germany, India, and the United Kingdom will be $6,178 billion, $6,173 billion, and $5,148 billion, respectively. These five countries account for 53.3 percent of global GDP production, with the US alone holding more than a quarter (25.1 percent) of the global GDP. The remaining five countries among the top 10 world economies will be Japan, France, Brazil, Italy, and Canada, respectively.
The report noted that the IMF forecasts a rapid expansion of the global economy over the next five years. According to the IMF's World Economic Outlook projections, the size of the global economy could increase by nearly $25 trillion between 2026 and 2030.
By 2030, the total size of the global economy could exceed $150 trillion. In particular, emerging Asian economies are expected to drive a major portion of global growth.
