Invest News DetailAksam - The UK-based financial services firm PricewaterhouseCoopers (PwC) has forecast that emerging nations will overtake developed nations by 2020. According a PwC report, the world’s leading industrialized nations, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, known as the G7, will be surpassed in terms of GDP and purchasing power parity (PPP) levels by today’s emerging nations, unofficially grouped as the E7. The E7 countries include seven countries with emerging economies, China, India, Brazil, Mexico, Russia, Indonesia and Turkey. The report highlights a frequently repeated notion: the shifting of production and economic development to the East. Turkey, directly compared to Canada, is forecast to surpass the North American country by 2020 in terms of GDP and PPP. Heavily damaged by the financial crisis, Western economies will have a hard time competing with emerging countries and the balance of economic power will tilt towards the East before 2050, the report states.