20th February 2017
The future is arguably uncertain across Europe – a sentiment that is now relatively common across the globe as it becomes increasingly difficult to predict what will happen in some of the continent’s most powerful economies. However, some of the best economists will always continue to outline their predictions as to what will happen in the not so distant future.
PricewaterhouseCoopers (PwC), one of the world’s largest professional-services firms, for example, has recently released its latest expectations of where the most powerful economies will be located by 2030. In a report – “The long view: how will the global economic order change by 2050?” – PwC ranked 32 countries by their projected global gross domestic product by purchasing power parity – or PPP. This index is used by macroeconomists to determine the economic productivity and standards of living among countries across a certain time period.
So who made the list this time and what does this information mean for contractors with a global remit?
Top powerful economies for contractors to consider across Europe:
- Germany: Topping the list of European powerhouses is Germany, which made the top ten with a PPP value of $4.707 trillion
- United Kingdom: Despite the uncertainty of Brexit, the UK made tenth position on the list, with a PPP of $3.638 trillion expected by 2030
- France: Only just missing out on the top ten, the country looks set to achieve $3.377 trillion PPP in this timeframe
- Turkey: Right behind France on the list, Turkey’s fortunes look positive in the coming years, with an expected PPP of $2.996 trillion
- Italy: With a PPP of $2.541 trillion, Italy was ranked higher than many other countries including Canada, Thailand and Australia
- Spain: Seventeenth on the list, the country has a PPP value of $2.159 trillion – not too far behind Italy in the report
- Poland: Making it into the top 30, Poland is expected to hit a PPP of $1.505 trillion by 2030
For contractors and the agencies that place them, reports such as this one from PwC are hugely useful when it comes to predicting where the best opportunities are likely to be found in the future. However, it’s vital to remember that tax legislation varies across borders – in some cases significantly – so professionals can face a complex legal minefield. And given the potential for hefty fines or even criminal charges, there can simply be no room for error when it comes to remaining compliant in your chosen location.
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