India's contribution to global economic growth may exceed US' by 2024

The global economy is currently facing the tension because of international trade and elevated uncertainty leading to a slower growth in the next half decade across a wide swath of economies.

China's contribution towards the global GDP growth is expected to continue to slow down and fall from 32.7 per cent in 2018-19 to reach 28.3 per cent by 2024. This is a relative steep 4.4 per centage reduction.

According to the estimates released by the International Monetary Fund (IMF), the financial crisis will affect 90 per cent of the world. The fall is expected to fall to 3 per cent this year, which is the slowest growth since the global financial crisis.

The contribution from the US in global economy is projected to fall to the third place after India. India's contribution is to rise to 15.5 per cent and overtake America's share in next five years. America contribution is expected to slip from 13.8 per cent to 9.2 per cent by 2024.

The fourth placed will be maintained by Indonesia with 3.7 per cent growth share in 2024, a slight downward adjustment from 3.9 per cent in 2019.

The UK's economy position from ninth as a share of world growth in 2019, to drop to 13th amid Brexit. Though Russia is at 2 per cent now and is expected to stay there in five years, the country will probably displace Japan as the number five growth contributor. Japan will fall to the ninth spot by 2024. Brazil will see a growth and is projected to move up from No. 11 to No. 6. The seventh position on the list will be maintained by Germany, as it is expected to remain at 1.6 per cent.

According to IMF, new growth engines 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.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.