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 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 . Japan will fall to the ninth spot by 2024. Germany’s share of growth 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 years will include Turkey, Mexico, Pakistan and Saudi Arabia, while Spain, Poland, Canada and Vietnam drop out of the first 20.

Source: Economic Times October 20, 2019 11:59 UTC