The big Asian economies will continue with the upward trend in economic growth in 2018. Тhis will further increase their significance. In less than a decade the region will dominate in regard to GDP and size of national economies.
A report from Centre for Economics & Business Research based in London shows that China will overtake the United States at the economic peak Iceberg by 2032. The success of the most populous country in the world is not isolated, it is indicative of the rise of the Asian continent.
India, the other big player, will overtake UK and France regarding GDP and this will put the country’s economy in Top 5 in the world. By 2027 India will get ahead of Germany which will put it on third place amoung the biggest economies in the world. With 1160 billion units of electricity generated in the financial 2017, India has become the world’s third-largest electricity producer, while China ranks again first.
Thus, by 2032, the biggest economies in the world will be the Chinese, the Indian and the Japanese. By then, South Korea and Indonesia will get to Top 10, respectively overtaking Italy and Canada.
The more distant prognosis is that in the middle of the century the economic outlook will be determined by the competition between the new Titans – China and India. According to some estimates, after 2050, India may even overtake China, and it will become the biggest economy in the world.
These trends are not unnoticed by the Bulgarian economy. The Bulgarian exports levels to India increased nearly twice since 2016. The leading commodity groups in our exports are wheat, tools and apparatus for chemical and physical analyses, transmission apparatus for radio-telephony, control and electrical distribution devices, various metals, machinery and apparatus for rubber and plastic works, etc. India is ranking as the EU’s ninth trading partner and its exports to the Community amounted to €37.8 billion in 2016, while imports are equal to €39.3 billion.
In 2017, Bulgarian exports to China reached $715 million, marking a growth of nearly 39 per cent on a yearly basis. Imports from China equal $1.2 billion showing an increase of nearly 8 per cent, according to the official data from the Ministry of Economy of Republic of Bulgaria.
The commodity exchange between EU and China is estimated at EUR 573 billion, which ranks the Asian country as the second trading partner of the European Union after the US.
