• Germany edition
 
German economy to be overtaken by 2060
Photo: DPA

German economy to be overtaken by 2060

Published: 10 Nov 2012 13:20 GMT+01:00
Updated: 10 Nov 2012 13:20 GMT+01:00

Germany's days as the fifth largest economy in the world are numbered, according to a report by the Organisation for Economic Co-operation and Development (OECD) released on Friday.

Germany's economy - currently only behind the USA, China, Japan and India in terms of size, is set be surpassed by Brazil, Indonesia, Mexico, Britain and Russia, by 2060, predicted the organisation.

According to the OECD, the main reason for the slump in Germany's share of world economic performance - which will drop from 4.8 percent today to 2 percent in 50 years' time - is demographic change, as its population grows older - a phenomenon also due to hit Japan on a large scale.

China, set to overtake the USA in four years as the world's biggest economy, helped by a population of over 1.3 billion, has already this year contributed more to the world economy than all eurozone countries combined. By 2060 India will also have overtaken Europe, said OECD.

The organisation hopes this “shift of economic weight towards low wage countries” will help raise living standards in the poorest areas of the world. Per capita income is expected to quadruple in the world's most impoverished nations by 2060, narrowing the current gap between the living standards of the world's richest and poorest people.

“Courageous structural reforms can stimulate growth and improve living conditions everywhere in the world,” said OECD General Secretary Angel Gurría.

DPA/The Local/jlb

The Local (news@thelocal.de)

Don't miss...X
Left Right

Your comments about this article

02:27 November 11, 2012 by Gottfried Falc Rittermarsch
Comment removed by The Local for breach of our terms.
05:05 November 11, 2012 by DOZ
Good lock with that. Your demise will be before 2030 unless you amalgamate with Russia. The amalgamation will include ideology. The West is falling quickly.
09:15 November 11, 2012 by ovalle3.14
Comment removed by The Local for breach of our terms.
17:11 November 11, 2012 by sonriete
I think way too much time and energy are spent debating these tables. There will always be a market for German goods and services, Germany will be fine. I don't buy this idea that every country must grow and grow in order to be competitive. What do these people propose as a solution anyway? Massive immigration to pull the population up to 200 Million? The whole world will need to face the fact that human population should be declining, not growing in order to have balance between man and nature. For populations to decline, they naturally must also age dramatically the first few decades to reach that correct balance where we do not destroy this earth.
11:16 November 12, 2012 by Berlin fuer alles
Well said sonriete. All we hear is what business needs to continue growing profits and nothing about how the earth's natural resources cannot continue to support this. If a company's profits grow at a slower rate than previously this is considered a negative. They want profits to grow at a faster pace than previously. Why should it not be positive for a company to continue making a profit even if it is less than previously? If I had a business that made one million profit in a year and the next year it made 750K profit I would still be happy.
16:53 November 12, 2012 by MrNosey
The predictions are rubbish, as always. They're based on a straightline extrapolation of past trends without bearing in mind that growth rates in the BRICS will also slow as they become wealthier. China also has a fast-approaching demographic timebomb because of its one-child policy, not to mention political troubles ahead.
20:41 November 12, 2012 by 883
MrNosey:

WELL SAID. So many seem to overlook the problems that China has looming. Long term, their concerns are some of the most daunting for them AND for other nations.
00:20 November 13, 2012 by bobmarchiano
2060 Our governments cant handle 2013 yet.

European counties will need to get a handle on Greece,Italy and Spain first.
Today's headlines
Dead TV star replies to SPD party invite
German actress Renater Küster with a statue of her late husband Dieter Hildebrandt. Photo: DPA

Dead TV star replies to SPD party invite

The Social Democrats (SPD) invited a dead TV star to attend its summer party. It got a shock when the veteran presenter replied saying, "I can't make it". READ  

Father killed in 'Cold Water Challenge'
The digger tipped over. Photo: DPA

Father killed in 'Cold Water Challenge'

A father died and five of his friends were injured on Tuesday night in western Germany when a digger fell on top of them during a so-called Cold Water Challenge. READ  

Huge Bavarian crop circle puzzles crowds
Raisting crop circle. Photo: DPA

Huge Bavarian crop circle puzzles crowds

A mysterious crop circle in Bavaria has attracted thousands of visitors since it was spotted in a wheat field last week. READ  

German siblings killed by drunk driver in Austria
Photo: DPA

German siblings killed by drunk driver in Austria

A ten-year-old girl and her 21-year-old brother were killed overnight in a road accident on the A1 motorway in Upper Austria, caused by a drunk driver who was driving on the wrong side of the road. READ  

Merkel: Russia sanctions were 'inevitable'
Merkel warned further sanctions could be imposed against Russia. Photo: DPA

Merkel: Russia sanctions were 'inevitable'

Strong sanctions imposed by the EU against Russia over its role in the Ukraine crisis were “inevitable”, Chancellor Angela Merkel claimed on Tuesday night, despite Germany's initial reluctance to get tough on President Vladimir Putin. READ  

Boy's body found in Ramstein plane
A C-130J at Ramstein air base. Photo: DPA

Boy's body found in Ramstein plane

The body of an adolescent boy was found in a wheel well of a US military cargo plane after the aircraft landed at Ramstein Air Base in Germany over the weekend, the Pentagon said on Tuesday. READ  

Have Your Say
Should Germany legalize cannabis?
Photo: DPA

Should Germany legalize cannabis?

A New York Times editorial on Sunday called for the US to drop its ban on marijuana, calling the strongly-worded law a "laughing stock". Should Germany follow the US states of Colorado and Washington and legalize recreational use of the drug? READ  

Cows kill German dog walker in Austria
File Photo: DPA

Cows kill German dog walker in Austria

A 45-year-old German woman died when she was attacked by a herd of 20 cows and calves on Monday afternoon on an Alpine pasture in Tyrol's Stubaital valley. READ  

Knut goes on display in Berlin museum
Knut's new home in Berlin's Natural History Museum. Photo: DPA

Knut goes on display in Berlin museum

Germany’s favourite polar bear Knut is set to pull in the crowds again - but this time from a display case. More than three years after his death, his real fur has been used to create a new Knut for a museum exhibition. READ  

And the winner of the EU single market is...
German incomes are higher thanks to the EU. Photo: DPA

And the winner of the EU single market is...

Germany and Denmark came out as the winners of the European Union's single market in a study released on Monday. Integrating economically with its neighbours has helped the German economy grow an average of €37 billion a year since 1992. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Education
Germany's students fail to graduate in time
Photo: DPA
Gallery
Hamburg harbour lit up in blue
Business & Money
JobTalk: 'Application process is failing'
Photo: Bundesarchiv/Bild 183-S45825
Culture
Germany puts 700,000 WWI docs online
Photo: DPA
Society
This man wants to give all of us €12,000 a year
Photo: DPA
Education
Top university switches master's courses to English
instagram.com/gotzemario
Gallery
Germany's World Cup stars share their holiday photos
Travel
Plans unveiled for bike trail along former Iron Curtain
Photo: DPA
Gallery
The Local List: 12 best words in German
Photo: DPA
Gallery
German Bucket List: How many of these can you tick off?
Photo: Europeana.de 1914 - 1918
Gallery
A German soldier's life behind WWI lines
Education
Raising the bar for law & business in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
Photo: DPA
Features
The Local List Archive - Your guide to all things German
National
Share news tips with The Local Germany
Sponsored Article
Bilingual school turning education on its head
Sponsored Article
CurrencyFair: Why it pays when making overseas transfers
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,254
jobs available
Toytown Germany
Germany's English-speaking crowd