ABC News: China, other growth nations key to Australia's future

Australian Treasurer Josh Frydenberg didn't mention China, India, Indonesia, Russia or Brazil during last week's budget, ABC News reported on Sunday.

Collectively, China, India, Indonesia, Russia and Brazil will account for more than half of all global growth through to 2024, according to figures from the International Monetary Fund.

China is listed as the biggest trading partner by the other four countries — Brazil, Russia, Indonesia and India. 

There is no way the global economy can grow unless these countries also grow, says the IMF.

China is Australia's biggest trading partner, too. Australia's trade with China dwarfs its trade with any other country: more than $90 billion, an enormous 43 percent of all exports from Australia. For comparison, the next biggest market is Japan, at $19 billion.

Trade is equivalent to 45 percent of the Australian GDP and one in every five jobs in the country.

The future of Australia depends on China and those other countries that make up half the world's growth, wrote Stan Grant in the analysis piece published by ABC News titled "How Can Australia Achieve Economic Growth When the Treasurer Can't Name China in His Budget Speech?"

In its report The World in 2050, international professional services company PwC lists what will be the top 10 economies in the world: China, India, US, Indonesia, Brazil, Russia, Mexico, Japan, Germany and UK.

"Where did the West go? The report says simply: Today's developing markets will be tomorrow's economic superpowers," reads the article published on the website of the Sydney-headquartered news agency.