Azernews.Az

Azerbaijan will be the world’s 65th biggest economy in 2050, British bank HSBC forecasts in its report citing the 100 biggest economies.

Azerbaijan’s gross domestic product is expected to increase from $20 billion in 2010 to $168 billion in 2050, and per capita income is to rise more than six-fold to $14,500, according to the report 'The World in 2050'.

HSBC estimates that besides Azerbaijan, only six other CIS countries will be in the ranks of the world’s biggest economies in 2050 – Russia (ranked 15th), Ukraine (40th), Uzbekistan (50th), Kazakhstan (53rd), Belarus (75th), and Turkmenistan (86th). The other five states – Georgia, Armenia, Moldova, Kyrgyzstan and Tajikistan - were left out of the list.

The study says that the region’s largest economy, Russia, will be surpassed by Turkey, whose GDP will surge from the current $385 billion to a staggering $2.149 trillion, compared to Russia’s $1.878 trillion.

Another large regional country, Iran, ranked 27th.

HSBC said China will be the world’s biggest economy in 2050, surpassing the United States. The Chinese GDP will increase more than seven-fold in the 40-year period to hit $25.3 trillion. In the U.S. the figure will double by 2050 to $22.27 trillion.

India, with projected GDP of $8.2 trillion, ranked third. It is expected to be ahead of such giant economies as Japan, Germany, Britain, France and Italy by 2050.

Surprisingly, fast economic growth in the Philippines is expected to make the country the world’s 16th biggest economy by 2050, surpassing Indonesia.

In the Middle East, Egypt will take the lead from Saudi Arabia, according to HSBC.