China’s growth rate is expected to continue to slow, and will be a smaller driver to global GDP growth in the near term. China’s share of global GDP growth is expected to fall from 32.7% in 2018-2019 to 28.3% by 2024 -- a relatively steep 4.4 percentage point reduction.
Weaker global growth, expected to fall to 3% this year and the slowest since the global financial crisis, will affect 90% of the world, according to estimates released this week by the International Monetary Fund.
Which economies are the key players now and where will global growth come from in five years? Bloomberg used International Monetary Fund projections, adjusted for purchasing power parity, to identify these growth engines.
The U.S., while still expected to contribute a sizable portion to world growth, is projected to fall to third place, after India. 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.
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