The state’s chief economist, Stephen Walters, has peered into the future - and he says it looks pretty good.

His economic blueprint for NSW, released on Wednesday, predicts the state’s output will treble in size over the next two decades reaching $2 trillion a year by 2040. That’s more than three times the $630 billion produced in NSW last financial year.

By 2030 around two-thirds of the world’s middle class consumers will reside in Asia. Credit:iStock

The blueprint also identifies five “megatrends” that will shape NSW over the next two decades.

They present opportunities as well as major challenges.