STAFF REPORT
ISLAMABAD: A research paper published by Goldman Sachs has projected Pakistan to be the world’s sixth biggest economy by 2075, given “appropriate institutions and policies” are implemented.
Authored by economists Tadas Gedminas and Kevin Daly, the paper, titled ‘The Path to 2075’, predicted that the five largest economies by 2075 will be Nigeria, China, India, the US, and Indonesia.
The global investment management, investment banking, and securities firm Goldman Sachs has been predicting long-term growth and progress of countries for almost two decades, initially starting with BRICs economies. So far, the firm has expanded those projections to cover 70 developed and emerging economies worldwide. The recent paper covers 104 economies, with projections going as far as 2075.
Goldman Sachs projects Pakistan’s growth due to population
According to Goldman Sachs, Pakistan’s star future status is projected because of its population growth, which along with Nigeria and Egypt, could place it in the next 50 years among the largest economies in the world.
The research predicts Pakistan’s Real Gross Domestic Product (GDP) to have increased to 12.7 trillion US dollars and its GDP per capita to 27,100 US dollars.
However, these numbers are projected to be less than a third of the size of the US, India, and China. India’s Real GDP in 2075 is predicted at 52.5 trillion US dollars and per capita GDP at 31,300 US dollars.
The economists particularly highlighted key risks to their projections, including populist nationalism and environmental catastrophe.
Climate change could heavily influence these projections, particularly for vulnerable countries like Pakistan, with especially vulnerable geographies.
