According to a report by Bloomberg, Pakistan is likely to be among the top 20 drivers of growth in 2024 which will include Turkey, Mexico, and Saudi Arabia, while Spain, Poland, Canada, and Vietnam will drop out of the first 20.
Bloomberg used International Monetary Fund projections, adjusted for purchasing power parity, to identify these growth engines.
India's share is projected to rise by 15.5% in the next five years. Although the global 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. Brazil is projected to 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.
The report stated that the global economy weighed down by tensions that have stalled international trade and elevated uncertainty, is expected to see slower growth in the next half-decade across a wide swath of economies.
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 percent reduction, said the report.
The U.S., while still expected to contribute a sizable portion to world GDP growth, is projected to fall to third place, below 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 these five years.
According to the report, Indonesia will remain in 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 importance wane amid Brexit as its economy drops from ninth place contributor to world GDP growth in 2019, to 13th.
Source: Pro Pakistani