Pakistan among 20 Countries which will dominate Global Growth in 2024
It is anticipated that the World economy, which is already hindered by the tensions that have slowed international trade and increased ambiguity, is expected to witness slow growth of economies in the upcoming five years.
According to IMF new growth engines (Which economies are the key players now and where will global growth come from in five years’) among the top 20 countries in five years will include Turkey, Mexico, Pakistan and Saudi Arabia, while Spain, Poland, Canada and Vietnam drop out of the first 20.
China’s share of global GDP growth is estimated to reduce by 4.4% point by falling from 32.7% in 2018-2019 to 28.3% by 2024. Its growth rate will be a smaller driver to global GDP growth in the near future as it is likely to slow down.
According to estimates released by the International Monetary Fund this week, since the global financial crisis, will affect 90% of the world, it is predicted that the global growth is expected to fall to 3% this year and the slowest.
International Monetary Fund projections, adjusted for purchasing power equality, to identify ‘Which economies are the key players now and where will global growth come from in five years’?
While large portion to world growth is still expected to be contributed by the U.S., it is projected to fall to third place, after India. As America’s share of global growth is expected to slip from 13.8% to 9.2% by 2024, while India’s share is projected to rise to 15.5% and eclipse the U.S. over this five-year period.
Indonesia will secure the fourth spot as its economy is expected to have a 3.7% growth share in 2024, a slight downward adjustment from 3.9% in 2019.
The U.K. will see its significant decline amid Brexit as its economy drops from ninth as a share of world growth in 2019, to 13th.
Although world GDP growth attributable to Russia is at 2% now and expected to stay there in five years, the country is likely to displace Japan as the number five growth contributor. Japan will fall to the ninth spot by 2024.It is likely that Brazil move up from No. 11 to No. 6. Germany’s share of growth is expected to remain at 1.6% and 7th on the list.