Brazil, Russia, India, China and other emerging countries continue to grow their respective stakes in international markets rapidly.
Boosted by income from exports and overseas investment, China will surpass the United States as the world's largest economy in 2025. This is according to a PricewaterhouseCoopers report mentioned in John Morrissy's article World's financial order to shift for the Canwest News Service.
Similarly, Brazil will move ahead of Japan to become the 4th largest economy by 2050. That same year, India will grow to 90% the size of America's economy while Russia, Mexico and Indonesia will overshadow Germany.
Areas of future growth include environmental technologies, energy and utility firms as well as financial services.
The report forecasts that the Canadian economy will fall behind:
- India in 2014
- Brazil in 2016
- Russia in 2020
- Mexico in 2024
- Indonesia in 2037.
To keep pace with changes in international trade, Canada needs to leverage its competitive advantages, namely:
- a multicultural society
- natural resources
- strong social and cultural ties to developing nations.
