India is set to overtake the US as the second biggest trader in the world within the next four decades, according to a Citigroup research.
A RECENTLY conducted research by Citigroup has revealed that in less than four decades India will replace the US as the second biggest trader in the world. The report has predicted a bring future for the world trade with figures expected to rise from $37 trillion in 2010 to $149 trillion in 2030, and touching $371 trillion by 2050. World trade is not just going to increase, but also experience changes in its composition.
According to the report, the developing countries will overtake the developed economies in world trade in the next 40 years. The report predicted an extremely bright future for China, with the country taking the position of top trader in the world by 2015. China is set to replace the US as the top trading country in the world and retain the position for the next 40 years. There is some good news for India too; the Asian country, which failed to make it to the top 10 world trades list in 2010, is expected to overtake the US as the world’s second largest trading country by 2050 and push the latter into third place.Although the trade between developed countries is progressing at a good rate at the moment, situation is expected to change within the next four years when the developing country will take over the global trade market. Overall, Asia will be the winner with its share in world trade increasing from 24 per cent in 2010 to 42 per cent by 2030 and 46 percent by 2050.