The report, called "The long view: how will the global economic order change by 2050?," ranked 32 countries, based on their projected Gross Domestic Product by Purchasing Power Parity (PPP).

PwC concluded that by 2050, China’s GDP would reach $58.5 trillion, India, over $44 trillion, while the US will have a $34.1 trillion economy.

“We expect this growth to be driven largely by emerging market and developing countries, with the E7 economies of Brazil, China, India, Indonesia, Mexico, Russia and Turkey growing at an annual average rate of almost 3.5 percent over the next 34 years, compared to just 1.6 percent for the advanced G7 nations of Canada, France, Germany, Italy, Japan, the UK and the US,” the report said.

Given a robust annual growth of four to five percent, Vietnam, the Philippines and Nigeria are predicted to make the greatest move up the GDP rankings.

The US and Europe’s share of global GDP are expected to shrink, while the Chinese and Indian economies are projected to grow significantly.

The consulting firm also predicted 2050 GDP numbers based on market exchange ratings, an alternative method for GDP calculation. In these rankings, the US will lose global dominance by 2030, and the gap will only grow by 2050 with China having a nearly $50 trillion GDP, and the US having the same $34.1 trillion.

Purchasing Power Parity (PPP) is an economic theory that compares different countries' currencies through a market "basket of goods" approach. PPP determines the economic productivity and standards of living of various countries over a period. Since market exchange rates fluctuate substantially, many economists consider PPP as a more precise way of estimating a country’s economy.

At the beginning of the meeting, the Minister expressed his readiness to especially focus on Mongolia’s cooperation in food, agriculture and light industry with its old friend Russia, and appreciated the contribution of Russian Government and its Embassy in the development of Mongolia agriculture sector.

Sides exchanged views on realizing projects on improving the health of Mongolia’s livestock and producing a new seed sort adaptive to Mongolia’s climate.

As the Minister touched upon the issue of supply of murrain vaccination in the frameworks of the 2nd phase of the project on livestock health, the Russian side expressed its readiness to facilitate a consultative meeting between specialists from both sides, and cooperate on this issue.

The meeting concluded with the two sides expressing their willingness to expand bilateral cooperation in food, agriculture and light industry.

The venture will have sales and manufacturing functions in the United States and China in addition to Japan, the companies said in a press release.

The joint venture, to be established in July, will be owned 51 percent by Hitachi Automotive Systems and 49 percent by Honda, they said.

(Reporting by Naomi Tajitsu and Taiga Uranaka)

Musk, who is the CEO of both Tesla and SpaceX, was one of about a dozen top tech execs who had met with Trump in December. Executives from Palantir, Cisco, Oracle, and IBM also attended the meeting. They have not joined the friend of the court brief.
The big four telecom companies, AT&T, (T, Tech30) Verizon (VZ, Tech30), T-Mobile (TMUS) and Sprint (S), have not joined the brief.
Elon Musk is also a member Trump's Economic Advisory Council. The group met last Friday and Musk later tweeted that, at his request, the travel ban was "first and foremost" on the agenda.
donald trump elon musk
President Trump and Elon Musk
Musk publicly criticized the travel ban in one tweet as "not the best way to address the country's challenges."
SpaceX, as well as Oracle and Palantir, all have lucrative government contracts.

The companies include tech giants such as Apple, Google, and Facebook. They filed the brief on Sunday with a federal appeals court in California.

These firms are protesting the executive order that temporarily prevents entry of people from 7 mostly Muslim nations into the United States.

The brief says the travel ban "inflicts significant harm on American business, innovation, and growth."

It adds that the order "disrupts ongoing business operations" and "threatens companies' ability to attract talent, business, and investment to the United States."

Immigrants from Asia and other parts of the world have long supported the IT industry in places like Silicon Valley in California and the Seattle area in Washington.

Until now, CEOs of individual firms have spoken out against the executive order, including Apple's Tim Cook and Google's Sundar Pichai. The legal brief shows the concerns spread across the whole industry.

Higher gold prices boosted producers’ shares for the seventh consecutive day — the longest winning streak since August 2014.
April Comex gold was last up $9.70 an ounce at $1,230.50, as investors — led by hedge funds —continue to flock to the yellow metal looking for safe-haven assets. Last week, gold prices rose more than 2% to score their biggest weekly percentage advance since June, according to data from Dow Jones.

The price jump has benefitted producers of the precious metal, with the NYSE Arca gold miners index, which includes nearly 50 names such as Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM), up 1.6% on Monday. In the last seven day, the index has gained more than 8.5%.

Gold bears are betting that a US President Donald Trump administration will lead to strong US economic expansion, higher interest rates and a stronger dollar. Higher interest rates (after adjusting for inflation) boosts the value of the dollar and makes gold less attractive as an investment because the metal is not yield-producing and investors have to rely on price appreciation for returns.

Global uncertainties push gold, producers to fresh highs
But that narrative has begun to unwind as Trump's swift action on US trade deals began to hurt the dollar and worries about the broader geo-political impact of a Trump administration, a hard Brexit and key elections in Europe mount.

His first week in office has already shaken the markets with news of the US withdrawal from the Trans-Pacific Partnership, Trump’s renewed promise to build a wall on the Mexican border as soon as possible, and his attempts to ban more than 218 million people from seven Muslim-majority countries from entering the US, which was blocked Friday by a federal judge.