Mumbai Skyline ( Image credits- Wikimedia Commons/ Author- Jeet221990) Source- The Diplomat Author- Anthony Fensom Asia’s rise to global economic pre-eminence could see China and India leading the world by 2050, with Southeast Asia also making gains, according to PwC. However, Japan, South Korea and Australia are seen slipping down the world rankings without major reforms. The projections came in the consultancy’s latest “World in 2050” report, which provides growth forecasts for 32 of the world’s largest economies, accounting for around 84 percent of global gross domestic product (GDP), based on purchasing power parity (PPP). According to PwC, China is already the world’s biggest economy in PPP terms and will become the biggest at the more commonly accepted figures of market exchange rates by 2028, despite its projected reversion to the global growth average. China’s share of world GDP in PPP terms is forecast to increase from 16.5 percent in 2014 to a peak of ar