China is poised to become the largest economy in the world by 2050 and lead a group of seven nations that, as a block, will surpass the G7 group of developed nations. According to a report by PricewaterhouseCoopers, China will lead a group of seven nations expected to become 25% larger than the G7 in terms of US dollars and 75% larger in terms of purchasing power parity. By itself, China will surpass the US in purchasing power parity by 2050, the report says, even if growth is expect to slow down from the skyrocketing levels of recent years. The Emerging Seven, as the report calls them, are Brazil, Russia, India, China, Indonesia, Mexico and Turkey.
Categories