By 2050, Mexico will have surpassed Russia as one of the top 10 economies in the world, according to a forecast by the Economist Intelligence Unit.
The forecast shows a dramatic reshifting of economic power around the globe with China overtaking the United States as the world’s top economy (the U.S. remains in second place behind India, which currently sits ninth on the list) and Mexico making its first appearance on the list in eighth place behind Brazil.
Russia and Italy are project to both leave the top ten, while the United Kingdom and France (currently fifth and sixth now) will drop to ninth and tenth places on the list - representing "a scale of wealth relative to the rest of the top ten that is unique in recorded history," according to the EIU.
While Mexico’s appearance in the top ten could be seen as a continuation of the importance of Latin America on the global market, the EIU forecast appears to indicate that the real financial power moves will occur throughout Asia.
While China and Japan sit two and three in the economic rankings as off today, by 2050 four out of five of the world’s top five economies will be from Asia (China at one, India three, Indonesia at four and Japan at five) and the continent will account for 53 percent of global gross domestic product by 2050, with Europe's share drastically declining.
"Given China’s and India’s economic might, they will take on a much bigger role in addressing global issues such as climate change, international security and global economic governance," the EIU said. "In the medium term, this will require the world’s existing powers — notably the U.S. — to let India, and especially China, play a greater role on the world stage and adapt international institutions to allow them to exert greater influence."