MOSCOW (Sputnik) — The global economy will grow an average of 3.5 percent per year and will be more than double its current size by 2040, OPEC said in its World Oil Outlook report released on Wednesday.
"Driven by demographic and productivity trends, world Gross Domestic Product (GDP) growth is estimated to average 3.5% [per annum] for the period 2014–2040. As a result, the world economy in 2040 will be 244% of that in 2014. Developing countries will account for three-quarters of the growth averaging 4.6% p.a. for the forecast period. China and India alone will account for half of this growth," the report reads.
Though China's gross domestic product will grow 120 percent in the next 25 years, the per capita GDP throughout the world will not change dramatically, OPEC said.
18 December 2015, 09:48 GMT
"Contrary to a ranking of regions based on GDP size, the ranking on a per capita basis will not change dramatically. OECD America will continue to have the highest GDP per capita of all regions followed by OECD Asia Oceania and OECD Europe. As income per head in China and India will almost triple, these countries will move up in the rankings. However, the figures also underscore the unequal distribution of wealth in the world. While in 2014 the ratio between income per capita in the poorest region (Middle East & Africa) and the richest region (OECD America) was 9.8, in 2040 it is expected to increase to 11.5," the report reads.
