Russia to become European powerhouse by 2020

"Russia could overtake Germany well before 2030 to become the largest European economy, but in the global rankings might then be overtaken itself by Brazil before 2050”, says PwC in its Beyond the BRICS report.

Such emerging economies as Mexico and Indonesia could be larger than the UK and France by 2050, with Turkey outpacing Italy, the paper adds.

Overall, among the seven largest emerging economies that make up the E7 club, Asian countries are expected to become the leading economic powerhouses.China is once again projected to become the number one world economy, pushing the US into second position, with India coming in third and Brazil taking the 4th place ahead of Japan by 2050.

The E7 club includes China, India, Brazil, Russia, Indonesia, Mexico and Turkey.

The collective GDP of the seven emerging economies could become larger than that of the G7 group of developed economies as early as 2017, the report said.

The coming China’s leadership raises no doubt among analysts, who agree that the issue now remains just a matter of time, as well as a major reshape of the world economic map.

"The Roman Empire was the biggest economy in the world for centuries but once the decline and fall set in it became a less appealing place to invest or work. However, even if the standards of living in China (and Russia) are lower, the dynamism and opportunities on offer from a fast growing economy are what make a nation great and proud,” Ben Aris, editor in chief for Business New Europe told Business RT.