An interesting report is out from the team at Bloomberg whom have taken International Monetary Fund (IMF) world growth projections and adjusted them for purchasing power parity (PPP) to identify the countries that will dominate world growth in 2024.
China slips from currently having a score of 32.7% to 28.3% as the economy continues to slow but remains by far the world’s largest contributor according to Bloomberg. Currently the US with 13.8% is in second place but will slip down to third over the coming five years to a score of just 9.2% and is the largest mover in a negative sense over the five years. India takes over second spot with a contribution of 15.5%, quite a move from its current 13.5% contribution, while Indonesia will remain in its current 4th spot over the period. Japan is expected to see a big fall from its current 5th spot all the way to the ninth position as Russia takes over in 5th place followed by Brazil that rises from its current 11th place ranking up to number 6. Germany is at number 7 falling from 6th while the UK will also be a big mover currently in 9th position falling to 13th, lucky for some, as Brexit, no getting away from it, causes its world importance to wane.
Interestingly, the positive contributors, with growing economies will include Turkey, Mexico, Pakistan and Saudi Arabia who all enter into the top 20 countries in the scale, while Spain, Poland, Canada and surprisingly Vietnam drop from their current spots and out of the top twenty.