ISLAMABAD – Pakistan projected among 20 top rising economic growth enginesof the World that would dominate the global growth in next 5 years.
Pakistan has been projected as one of 20 countries that will dominateglobal growth in five years time in 2024, an assessment made by*Bloomberg *usingdata from the International Monetary Fund (IMF).
The global economy, weighed down by tensions that have stalledinternational trade and elevated uncertainty, is expected to see slowergrowth in the next half decade across a wide swath of economies, PakistanToday has reported
China’s growth rate is expected to continue to slow, and will be a smallerdriver to global GDP growth in the near term. China’s share of global GDPgrowth is expected to fall from 32.7% in 2018-2019 to 28.3% by 2024 — arelatively steep 4.4 percentage point reduction.
Weaker global growth, expected to fall to 3% this year and the slowestsince the global financial crisis, will affect 90% of the world, accordingto estimates released this week by the International Monetary Fund,reported *Bloomberg*.
*Bloomberg *projects that the U.S., while still expected to contribute asizable portion to world growth, is projected to fall to third place, afterIndia. America’s share of global growth is expected to slip from 13.8% to9.2% by 2024, while India’s share is projected to rise to 15.5% and eclipsethe U.S. over this five-year period.
Read Top Stories
Indonesia will remain in the fourth spot as its economy is expected to havea 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 fromninth as a share of world growth in 2019, to 13th.
Although world GDP growth attributable to Russia is at 2% now and expectedto stay there in five years, the country is likely to displace Japan as thenumber 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 ofgrowth is expected to remain at 1.6% and 7th on the list.
The IMF said new growth engines among the top 20 countries in five yearswill include Turkey, Mexico, Pakistan and Saudi Arabia, while Spain,Poland, Canada and Vietnam drop out of the first 20.
