The United Nations has 192 member-countries. The Commonwealth, which will account for 38 per cent of global labour force by 2050, has 55 members. The European Union, which will account for 5 per cent of global labour force by 2050, has 27 members.
· This paper takes growth in Labour Force, here defined as Working-Age (15-64) Population, to be a proxy for growth in GDP, using the latest projections of working-age population from the United Nations.
· It concludes that the rest of the Commonwealth will represent a market over nine times greater than that of the rest of the EU by 2050. Competition to export to & invest in the developing world will be fierce. British exporters will need to maximise their strengths: which is why, over the next forty years, the Commonwealth has the potential to become a valuable component of British trade policy.