“The World in 2050” puts us ahead of predictions for GDP growth of other developed countries including Australia (2.6 percent), Canada (2.5 percent), Luxembourg (2.5 percent) and Switzerland (2.3 percent).
What’s more, we’re tipped to have an average rate of growth of 3.1 percent over the next four decades.
HSBC says this means we’re the only developed country to be labelled ‘growth’ country (those with anticipated annual growth of between 3-5 percent between now and 2050).
The rest of the developed world sits stuck with ‘stable’ outlook.
HSBC NZ chief economist Paul Bloxham attributes the good news to population growth, and investment in education, tools and technology.
On less positive note, he says that when it comes to the overall size of our economy we’re going to fall 10 places from our current ranking to 60th place.
No surprises that China looks set to overtake the US as the largest economy. Other likely changes? The Philippines will shoot up 27 places to 16th overall; Peru will climb 20 places to 26th; and Malaysia will zoom up 17 places to 21st.
For more comment on HSBC’s predictions see Reg Birchfield’s column on leadership and the New Zealand Institute of Management’s article – both in NZ Management magazine’s March issue (due out the first week of March).
