http://www.arabianbusiness.com/saudi-arabia-be-6th-richest-economy-by-2050-384903.html
Saudi Arabia is set to be the Middle East’s richest economy in terms of GDP per capita by 2050, according to a forecast by Citibank.
The report forecast that Saudis will have an average wealth of $98,311 by 2050. This is nearly four times the current rate of $24,200 gross domestic product (GDP) per capital, according to the CIA World Factbook.
The oil-rich kingdom tops the rankings for the Middle East and will be sixth overall on the global list by 2050, the rankings showed.
Singapore is set to top the worldwide rankings with $137,710, with Hong Kong ($116,639), Taiwan ($114,093), South Korea ($107,752) and the US ($100,802) rounding out the top five. With Saudi Arabia on sixth, Canada ($96,375), the UK ($91,130), Switzerland ($90,956) and Austria ($90,158) conclude the top ten.
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Goes to show how quickly the economy can turn and these predictions mean nothing as economy cannot be predicted or estimated. However what would you think about protectionism in this case? When countries perhaps in Africa suddenly turn the tables and be the holder of a precious resource, will protectionism be preferred to prevent foreign corporations from conquering the market?
I am not a nationalist but I feel it can be necessary in order to restore poor countries into making it into the average instead of foreign corporations profiting which will decrease the profit a country will make.
Saudi Arabia is set to be the Middle East’s richest economy in terms of GDP per capita by 2050, according to a forecast by Citibank.
The report forecast that Saudis will have an average wealth of $98,311 by 2050. This is nearly four times the current rate of $24,200 gross domestic product (GDP) per capital, according to the CIA World Factbook.
The oil-rich kingdom tops the rankings for the Middle East and will be sixth overall on the global list by 2050, the rankings showed.
Singapore is set to top the worldwide rankings with $137,710, with Hong Kong ($116,639), Taiwan ($114,093), South Korea ($107,752) and the US ($100,802) rounding out the top five. With Saudi Arabia on sixth, Canada ($96,375), the UK ($91,130), Switzerland ($90,956) and Austria ($90,158) conclude the top ten.
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Goes to show how quickly the economy can turn and these predictions mean nothing as economy cannot be predicted or estimated. However what would you think about protectionism in this case? When countries perhaps in Africa suddenly turn the tables and be the holder of a precious resource, will protectionism be preferred to prevent foreign corporations from conquering the market?
I am not a nationalist but I feel it can be necessary in order to restore poor countries into making it into the average instead of foreign corporations profiting which will decrease the profit a country will make.
