The economy is ever-changing. With COVID-19 causing recessions in some nations, Brexit potentially affecting the business landscape and trading and stocks conflicts arising, many are keeping an eye on up-and-coming economies. The world economy is projected to grow 5.5 percent in 2021 and 4.2 percent in 2022, but the current top economies are expected to change.
Dominating the language of a potential new market is key for business expansion. Today, we have a look at future emerging economies and countries with growth potential.
Future Largest Economies
PwC’s The World in 2050 report reveals that six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd), Indonesia (4th) and Brazil (5th). The US could fall from second to third place while the EU27’s share of world GDP could fall below 10%. Even smaller economies such as Vietnam, the Philippines and Nigeria will see huge leaps in their rankings, according to the report.
Other reports expect China to continue to grow, as well as Guyana, South Sudan, Egypt, Benin and Bangladesh to strongly emerge.
Additionally, we have seen Brexit force many businesses to move to the Netherlands, as Reuter reports. The Netherlands Foreign Investment Agency has seen 78 companies move to the country due to Brexit, as brands look to secure their European operations.
The economy is ever-changing, yes, but there are strong signs that give us a glimpse of what the future holds. All these emerging economies have a common denominator: foreign languages.
The Importance of Translations
We are here to help you reach greater audiences and expand to growing economies. At London Translations, we provide translation services worldwide, having a pool of over 9000 linguists who work in more than 140 languages, including those dominant in projected top economies.
Our translation services can be tailored to adapt to any of your needs. To tell us about your project and find out how London Translations can help you, get in touch for a consultation.