Russian gross domestic product may overtake Germany’s by 2020, making the Russian economy the world’s fifth largest, PricewaterhouseCoopers LLP said in a report today.
“Russia has strong potential in the short to medium term,” PWC’s chief economist, John Hawksworth, said in a phone interview from London today. “It has strength in natural-resource sectors, which are much in demand.”
Russia, the world’s biggest energy exporter, will face declining growth in about a decade because of an aging population and shrinking workforce, Hawksworth said. By 2050, Russia’s economy is projected to fall back to sixth place in purchasing power parity terms, behind Japan, Brazil, India, the U.S. and China, PWC said in the report on its website.