KARACHI: Citing Pakistan’s growth rate, one of the world's largest professional-services firms, PricewaterhouseCoopers, have ranked Pakistan to be among top 20 powerful economies by 2030 and 16th by 2050.

The PWC released its predictions for the 32 most powerful economies in the world by 2050, based on their projected Gross Domestic Product by Purchasing Power Parity (PPP).

The report, titled "The long view: how will the global economic order change by 2050?" ranked 32 countries by their projected global gross domestic product by purchasing power parity.

Purchasing Power Parity (PPP) is an economic theory that compares different countries' currencies through a market "basket of goods" approach. PPP determines the economic productivity and standards of living of various countries over a period. Since market exchange rates fluctuate substantially, many economists consider PPP as a more precise way of estimating a country’s economy.

The consulting firm also predicted 2050 GDP numbers based on market exchange ratings, an alternative method for GDP calculation. In these rankings, the US will lose global dominance by 2030, and the gap will only grow by 2050 with China having a nearly $50 trillion GDP, and the US having the same $34.1 trillion.

Following is the list of top 32 economies by 2030:

01. China — $38.008 trillion

02. United States — $23.475 trillion

03. India — $19.511 trillion

04. Japan — $5.606 trillion

05. Indonesia — $5.424 trillion

06. Russia — $4.736 trillion

07. Germany — $4.707 trillion

08. Brazil — $4.439 trillion

09. Mexico — $3.661 trillion

10. United Kingdom — $3.638 trillion

11. France — $3.377 trillion

12. Turkey — $2.996 trillion

13. Saudi Arabia — $2.755 trillion

14. South Korea — $2.651 trillion

15. Italy — $2.541 trillion

16. Iran — $2.354 trillion

17. Spain — $2.159 trillion

18. Canada — $2.141 trillion

19. Egypt — $2.049 trillion

20. Pakistan — $1.868 trillion

21. Nigeria — $1.794 trillion

22. Thailand — $1.732 trillion

23. Australia — $1.663 trillion

24. Philippines — $1.615 trillion

25. Malaysia — $1.506 trillion

26. Poland — $1.505 trillion

27. Argentina — $1.342 trillion

28. Bangladesh — $1.324 trillion

29. Vietnam — $1.303 trillion

30. South Africa — $1.148 trillion

31. Colombia — $1.111 trillion

32. Netherlands — $1.08 trillion