NSW is on track to become Australia's first trillion-dollar economy in just over a decade, and will reach $1.3 trillion by the middle of the century.
The projection, set to be revealed in the NSW Intergenerational report this week, means the state's economy will soon rival whole countries already on the trillion dollar economy mark such as the Philippines and South Africa.
"Our diversified and booming economy is leading the nation today and these latest projections suggest we have a bright future ahead of us," Treasurer Gladys Berejiklian said.
"We do, however, expect challenges regarding our future economic growth rates mainly due to the impact of the ageing population and a rising number of part-time workers," she said.
According to the report, the NSW economy is expected to grow more than two-and-a-half times its current size of $507 billion to just over $1.3 trillion by 2055-56.
In the last intergenerational report five years ago, economic growth and gross state product (GSP) per capita growth stood at around 2.5 and 1.5 per cent, respectively.
The latest report, to be released on Thursday, projects the economy to grow by 2.3 per cent per year, with real GSP per capita growing by 1.3 per cent.
The Future State intergenerational report will also reveal that the state's population is expected to rise by 50 per cent to more than 11 million in the next 40 years.
Ms Berejiklian has previously said the government will need to think deeply about the challenges the state faces now and "continue to lay the foundations for a strong future".
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