INSUBCONTINENT EXCLUSIVE:
India's grasp of the second largest global growth share will become more clearly defined.According to forecasts released earlier this month,
the global economy is expected to achieve an annual GDP growth rate, as measured in constant dollars, of 3.7 per cent between 2018-2020
before dipping to 3.6 per cent between 2021-2023 and, in turn, pass the $100 trillion mark around 2022.Bloomberg used International Monetary
Fund projections, adjusted for purchasing power parities, to dissect where the growth will come from.Charted below are the top 20 most
significant current players:(: India Set To Overtake Japan As No
3 Economy By 2030, Reveals Report)Even though China's growth rate is expected to continue to slow, and in fact, is expected to grow at a
slower pace than that of the US in 2040, according to long-term projections by the OECD (Organisation for Economic Co-operation and
Development), China will still be the top contributor to global GDP growth by a large margin in the near term
China's share of global GDP growth is expected to rise from 27.2 per cent to 28.4 per cent by 2023.The US, while still expected to
contribute a sizable portion of global growth, will see its share shrink as the democratization of GDP growth spreads
Simply put, other countries will take a larger slice of the global GDP pie
The US share of global growth is expected to fall from 12.9 per cent to 8.5 per cent in 2023.Meanwhile, India's grasp of the second largest
share will become more clearly defined
India's share of global GDP growth is expected to rise from 13 per cent to almost 16 per cent -- a jump of three percentage points
In the fourth spot will be Indonesia with an expected 3.7 per cent share in 2023
The top five will be rounded out by Brazil.The United States isn't the only major economy making room for new growth engines, most
noticeably Iran, Turkey, Indonesia, and Bangladesh will gain
G7 members such as Japan, Germany, Italy and Canada are all expected to be less of a factor in global GDP growth.
