Future economic growth will be increasingly driven by innovation instead of population growth. The middle class in the developing countries will increase and will drive consumption of technological products which will increase the need for raw materials and manufacturing and will also increase waterborne transport of manufactured goods. As Africa will gradually replace Asia as the region with the highest growth rate, waterborne trades to and from Africa will increase.
While in many OECD countries GDP development is predicted to grow steadily in a lower single digital number (e.g. Germany approx. 1%-2% p.a.), developing countries will have higher growth rates, e.g. China and India are predicted to at least double their GDP from 2015.
All waterborne sectors
[Economic growth is usually measured as the percentage growth rate of real gross domestic product or the real GDP (Statistics of the Growth of the Global Gross Domestic Product (GDP))]3
The progressive economic development of countries in Asia and Africa will drive the growth in the demand of bulks, oil and gas for their industrial development, will increase the output of manufactured products to the world market and also increase their populations’ demands for consumption. Transport of goods to and from these countries and exploitation of natural resources in their economic zones will increase.
The increasing volume and the improving competitiveness of products produced in African and Asian countries will increase manufactured goods seaborne transport between these countries and the developed world.
The increased demand of the increasing Middle Classes for “high tech” products and the scarcity of onshore mineral resources will lead to an increased exploitation of raw materials offshore, requiring seabed mining and related technologies to be developed for safe and environmental friendly exploitation of the ocean space.
Increasing trade from and to developing African and Asian countries will require upgrading existing and building new port facilities.