China is poised to lead global economic growth over the next five years, outpacing the combined growth of all Group of Seven (G7) nations, according to the latest forecast by the International Monetary Fund (IMF), as reported by Bloomberg.
The IMF projects that by 2029, China will account for approximately 21 percent of the world’s new economic activity. This figure surpasses the total expected contribution from the entire G7, which is projected to be around 20 percent. The United States is anticipated to contribute nearly 12 percent, placing it behind China in terms of global economic impact.
India and Indonesia are also among the top contributors, highlighting the significant role of Asian economies in driving global growth. Collectively, around 75 percent of global growth is expected to come from 20 countries, with over half stemming from China, India, the United States, and Indonesia.
In contrast, G7 members such as Canada and Italy are projected to contribute less than one percent each to global growth over the next few years. This contrasts with emerging economies like Bangladesh and Egypt, where population growth is a key driver of economic activity.
The IMF’s forecast underscores the shifting landscape of the global economy, where emerging markets, particularly in Asia, are becoming increasingly influential. China’s substantial contribution reflects its ongoing economic development and its significant role in international trade and investment.
These projections highlight the importance for global businesses, investors, and policymakers to pay close attention to Asian markets. As China and other Asian economies continue to expand, opportunities for investment and collaboration are likely to grow, influencing economic strategies worldwide.
Reference(s):
China to outpace G7 as engine of global economic growth: Bloomberg
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