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

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 per cent in 2018-2019 to 28.3 per cent by 2024 - a relatively steep 4.4 percentage point reduction.

Weaker global growth, expected to fall to 3 per cent this year and the slowest since the global financial crisis, will affect 90 per cent of the world, according to estimates released this week by the International Monetary Fund (IMF).

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