China, the US and Japan will likely continue to be the top three economic powerhouses for the next 10 years, according to predictions from a Bloomberg survey of business professionals around the world.
In September the Bloomberg New Economy Forum surveyed 2,000 business professionals in 20 countries in developed and emerging markets, polling them on opportunities, challenges, concerns and expectations they have for the global future with the rise of emerging economies.
When asked to predict which countries will be the top three economic powerhouses in 10 years' time, the majority selected China (86%), followed by the US (70%) and Japan (36%).
Some 74% of business professionals were optimistic the global system of trade could be restored, whereas 55% of respondents believed there will be more global trade in five years time, in context of the ongoing US-China trade tensions.
With the rise of new economies, global business professionals believe "global governance" is the most critical global challenge.
Yet, despite the expressed lack of confidence in government leadership, 75% of respondents said world leaders and governments should be the primary force in driving initiatives to overcome global challenges.
Only 10% of respondents think businesses and the private sector should take the lead to address today's global challenges.
Justin B. Smith, chief executive of Bloomberg media group, said the private sector and businesses must take greater leadership in addressing key global challenges.
"New economies are playing an expanded role across trade and businesses today and with a changing new world order, there is an urgent need for real dialogue and action," said Mr Smith.
Business professionals from emerging markets showed greater confidence in the global trade outlook and they believe there will be more global trade in five years. This view is especially pronounced among professionals from China (66%), Indonesia (74%), the Philippines (76%), Thailand (80%) and India (71%).
In addition, business professionals from emerging markets believe artificial intelligence presents workers with new job opportunities that will generate a net benefit to economies, especially those from China, India and Vietnam.
Tom Orlik, chief economist at Bloomberg, said one of the striking findings from the survey is the difference in optimism for the global trade outlook between emerging markets and developed economies.
"This suggests for emerging markets, the costs of the current slide towards a trade war could be less than expected," said Mr Orlik.
"If businesses retain that fundamental optimism about the outlook for trade, continued hiring and investment could propel growth forward, even as tariff barriers rise."
