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The strength of an economy plays a crucial role in various international policies about trade and relations. Certain factors determine the strength of an economy, including population growth, availability of resources, and development and advancement. Here are 25 countries predicted to become economic superpowers in the next 20 years:
India
25 Countries Predicted to Become Economic Superpowers in the Next 20 Years
India has a large population, and the country has a comparatively large young population, which can play a significant role in the country’s economic growth in the next twenty years. The agricultural and services sectors are the biggest contributors to the country’s growing economy. The country is growing at a rapid rate of about 8.2% in the 2023-2024 fiscal year, and this growth is expected to continue, driven by an increase in investments in infrastructure, rising investments in real estate, and a growing technological sector. The government of India continues to introduce initiatives that support development and growth, which will further drive the country’s economy forward.
Brazil
Brazil has displayed its ability to become one of the strongest economies in Latin America and the Caribbean thanks to its agricultural, mining, and industrial power. It has a strong natural reserve of various minerals like iron ore, manganese, gold, quartz, etc., all contributing to the country’s economy. The country’s GDP continues to rise monthly, displaying its robust economy and attracting foreign investments, which helps the country grow even further. Other contributing sectors to Brazil’s economy include manufacturing, mining, agriculture, and services. The large consumer market also increases the country’s economic potential to emerge as a superpower.
Indonesia
Indonesia has overcome various challenges to emerge as a country with great potential. Today, the country boasts a GDP of over US$1 trillion thanks to the resilience, development, and growth that it has displayed in recent years. Indonesia has an abundance of natural resources, a young and skilled workforce, and is strategically placed in Asia, all contributing to its strong economy. The country’s government is taking active steps towards further development and urbanization while continually supporting growing sectors, enabling growth. Public spending, increased investments, steady consumer demand, and sectors like agriculture, industry, and services drive steady economic growth.
Nigeria
With a growing GDP worth over $450 billion and the largest economy in the African continent, Nigeria is bound to become one of the biggest economic superpowers in the world. The country has a rich reserve of valuable minerals like crude oil, natural gas, coal, tin, etc., leading to mining being one of the most significant sectors in the country. The government is also taking steps to increase research and innovation in the country, which will increase investments and development and, when combined with the young population and oil reserves, will drive economic growth.
Mexico
Mexico is likely to make its way to becoming an economic superpower in the next twenty years. With a GDP that has surpassed $1.3 trillion and an average growth of 2% in the last four decades, Mexico has cemented itself as a strong economy in the world. Its proximity to the US and growing manufacturing sector significantly contribute to Mexico’s strong economy. The oil sector, exports, agriculture, mining, and tourism contribute to the country’s strong economy. At the same time, international policies and policies that support innovative development will enable the country’s economy to continue to improve.
Russia
With a GDP growth of 4,1% in the second quarter of 2024 alone and an approximate GDP value of $1.9 trillion, Russia has displayed its economic strength and potential to become an economic superpower in the next few decades. The main contributors to the country’s robust economy are agriculture, industry, and services, with many emerging sectors like technology and development that have gained support from the country’s central authority. Energy exports and its geopolitical strategies also play big roles in the country’s economy and will continue to support growth across different aspects.
Germany
The mixed economy system used in Germany, which includes a variety of private freedoms combined with government regulation and economic planning, has led to an ideal economic scenario for national growth. Germany is one of the largest economies in the world thanks to its highly developed infrastructure, corporate and services sectors, educational system, and strong industrial base. The country has the third-largest GDP, which is continually growing thanks to the growing and emerging sectors and the country’s ability to embrace technology and development.
Japan
Japan is the fourth largest and one of the most developed nations in the world, with an educated, dynamic, and affluent workforce that significantly contributes to the country’s growing economy. The Japanese government has shown its support and guidance to the growth of various sectors in the country, offering a range of subsidies and initiatives that enable the residents to leverage their skills and potential to contribute to the country’s economic growth. Some main sectors that play essential roles in the country’s economy include exports, technology, robotics, etc.
Turkey
As of 2023, Turkey boasted a GDP of over $1 trillion, exemplifying its ability to achieve fast economic growth that will enable it to become an economic superpower. To become one of the largest economies in the world, the Turkish government supports emerging sectors. It introduces various policies and initiatives that promote technological development and advancement to increase growth. Agriculture, trade, and the industrial services sectors are large contributors to the country’s economy, while its strategic location makes it ideal for a growing market.
Vietnam
Vietnam’s GDP is predicted to grow by about 6% by the end of 2024 owing to its large agricultural, industrial, and services sectors. The country’s growth is highly driven by export-led industrialization across different industries, including food and beverage processing, which is one of the largest industrial contributors in the country, and increased foreign direct investments. Vietnam is also an emerging manufacturing hub with an abundance of young and talented workforce that has the potential to increase growth.
Philippines
Increased urbanization, a growing middle class, and a large young population have given the Philippines the required factors to enable the country to become an economic superpower in the next twenty years. The Philippines has witnessed fast economic growth in recent years, and its GDP is expected to grow by a minimum of 6% by the end of 2024. Agriculture, business, and manufacturing are some of the leading sectors in the country which contribute to its economy.
South Korea
In recent years, South Korea has successfully transformed itself into a high-income economy and a global leader in innovation and development. Highly ranked among the world’s largest economies, South Korea has emerged as a highly advanced economy with booming high-tech sectors that offer various opportunities to its residents and investment opportunities in international markets. The thriving industrial sector and electronic exports have contributed to the country’s economic success.
Egypt
For various reasons, Egypt will become an economic superpower in the next two decades. It already has a strong GDP of over US$380 billion that continues to grow by over 2% in 2023 alone, and it is regarded as the second-largest economy in Africa. Egypt has the potential to take advantage of its strategic location and introduce a range of economic reforms that will increase development, trade, and investments in the country. The country already has strong and growing sectors, including services and industries, manufacturing, agriculture, natural gas, etc., that significantly contribute to the country’s present economy.
Saudi Arabia
With an approximate GDP of over $1.1 trillion, Saudi Arabia has placed itself to become an economic superpower in the next few decades potentially. Experts suggest that the country’s GDP will continue to grow steadily. Its economy is largely dominated by petroleum and its associated industries, including exportation. However, the economy is undergoing a significant transformation, with the government introducing programs and reforms to reduce the country’s oil dependence while diversifying income sources and enhancing technological advancement.
Argentina
Argentina is one of the largest economies in South America, with a GDP of approximately $640 billion. The country’s economy is driven by its vast natural resources in energy and agriculture and its dependence on the services and manufacturing sectors. The country is expected to see continued economic growth, potentially placing it as an economic superpower within the next couple of decades. Argentina also has a significant source of oil reserves that play a big role in the country’s economy. Its government also increases the country’s growth by adopting policies supporting development and innovation.
Iran
The large population and the strong economy characterized by agriculture, hydrocarbon, and services industries have enabled Iran to make a noticeable presence in the global economy. The country’s manufacturing and financial industries are also continually growing by adopting various innovative solutions that have enabled steady growth. The country has a nominal GDP of over $340 billion as of 2022, which is continually growing thanks to the growth in many emerging sectors. Iran also has a large young population and abundant resources that can be used to drive further growth in the country.
Thailand
As of 2022, Thailand’s GDP of over $495 billion has steadily grown over the years thanks to the combination of a strong agricultural sector, a developed manufacturing sector, and a stable services sector. One of the major contributors to the country’s economy is its exports, which account for over 50% of the country’s GDP, coming before the industrial and services sectors, which account for 30%. The government of Thailand has introduced many smart economic policies over the years, which have transformed the country’s economy, leading it to become an upper-middle income economy.
South Africa
While facing a range of economic setbacks due to the global pandemic in 2020, South Africa’s economy has significantly recovered, displaying a solid resilience that will enable the country to become an economic superpower. Agriculture is one of the country’s primary sources of economic strength, and a significant portion of exports contribute to the country’s domestic economy. The country is also strategically located geographically, with access to many major trading opportunities and rich resources that can significantly influence the country’s economic future.
Colombia
Colombia faced many economic setbacks during the global pandemic but has taken necessary action to restore its economy and enable slow but steady economic growth. The country has great potential to enhance its GDP growth through increasing productivity and diversifying and expanding its exports, which will all enable Colombia to become an economic superpower in twenty years. It has an abundance of resources that include coal, natural gas, oil, etc., and the appropriate trade agreements will enable the country to leverage its resources to increase economic growth.
Chile
Chile has displayed a stable yet strong economy in recent years, with GDP predicted to grow by a minimum of 2.2% in the next few years. Some significant contributors to the country’s economic growth include Chile’s production and mining of copper and lithium, manufacturing, and agriculture. The country has seen a major development in the last few years, and the introduction and adoption of various economic policies have led to an emerging market for renewable energy that will increase investments and boost growth, enabling Chile to become an economic superpower.
UAE
The UAE’s strategic location in the Middle East, substantial financial reserves, promising investing opportunities, and progressive government policies will enable it to become an economic superpower in the next twenty years. The country’s economy is strong and growing at an exceptional rate. The oil and gas sectors, tourism and hospitality, financial services, IT, and telecommunications all contribute to the country’s current economic status, leading to a GDP of over $870 billion.
Kazakhstan
Driven by exports and fiscal stimulus, the GDP of Kazakhstan grew by 5.1% in 2023. Many expect the country to continue seeing growth in the next few years, which will enable it to become an economic superpower by 2044. The government is taking action to induce economic resilience, reduce inequalities and dependence on commodity exports, and improve and strengthen the economy as a whole. Kazakhstan is strategically located in Central Asia and has access to many major Asian markets. It has an abundance of natural resources and a growing economy mainly driven by oil reserves and exports, with the most significant growth seen in the automotive industry.
Bangladesh
To become an upper middle-income country by 2031, Bangladesh is taking various actions that have improved the economy and will enable it to continue growing. The country’s GDP is expected to grow by 5.8% by the end of 2024 and is regarded as one of the fastest-growing economies in the world. Textile, farming, information and communication, and shipbuilding contribute to the country’s economic performance, and investments to finance the country’s health and employment sectors, along with the growing garment industry and young workforce, will enable it to continue growing in the next few years.
China
China is already an economic superpower—one rank away from being THE economic superpower. The country has a robust presence in emerging markets that is contributing to the changing global business dynamics. GDP growth in the country has averaged about 9% per year for many years, with significant sectors like manufacturing, trading, and services mainly contributing to the growth. The Chinese government is introducing various policies and programs to ensure the country’s continued technological and research development, which will further boost the country’s economy.
United States of America
The United States of America is the country that China has to displace from the top spot. It is currently the largest national economy in the world and is a leader in global trade. If the country stays on its path, it will remain a strong economy and become an economic superpower even for the next two decades. High productivity, well-developed transportation infrastructure, and an extensive source of natural resources contribute to the country’s economy. At the same time, the growing economic output, the resilience in the labor market, and the slowing inflation will sustain the country’s economic growth. The US also has significant economic investments and is taking action toward energy independence, giving it the poise to become an economic superpower.
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