Emerging economies could be twice the size of developed markets by 2050, making up almost 50 per cent of world gross domestic product, says a PricewaterhouseCoopers report. ‘The Long View: How will the global economic order change by 2050?’ expects the seven emerging markets, known collectively as the E-7, will grow at an average rate of almost 3.5 per cent over the next 34 years. The E-7 is made up of Brazil, China, India, Indonesia, Mexico, Russia, and Turkey. This group is set to account for about 50 per cent of world GDP by 2050, compared with 37 per cent now.However, to realize this growth potential, the governments of emerging markets countries need to implement structural reforms to improve macroeconomic stability, diversify their economies away from undue reliance on natural resources as is currently the case, and develop more efficient political and legal institutions.
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