Lagos — Out of the world’s expected population growth to 9, 199 billion by 2040, the Oganization for the Petroleum Exporting Countries, OPEC said some 244 million will belong to its members.
The figure was provided by the United Nations, UN, and cited inside OPEC’s newly launched World Oil Outlook, WOO.
According to the report, the global population is expected to increase by around 1.6 billion, from an estimated 7.6 billion in 2018 to 9.2 billion in 2040.
The majority of this growth, OPEC said is projected to come from developing countries, particularly from the Middle East and Africa.
The population of the Organisation for Economic Co-operation and Development, OECD countries is forecast to increase by 78 million, mostly in OECD Americas.
The overall population growth is set to decelerate throughout the forecast period. While the global working-age population (aged 15–64) is projected to grow by just under 900 million over the long-term, its share of the global population is expected to remain relatively constant, dropping slightly from 65% in 2018 to 64% in 2040.
Moreover, the global urbanization rate will increase from 56% in 2018 to 64% in 2040.