Saudi Arabia among 20 countries dominate global growth in 2024

Saudi Arabia’s Capital, Riyadh
Saudi Arabia’s Capital, Riyadh

Global economic growth is expected to decline over the next fiveyears, due to uncertainty dominating markets and trade tensions.

Amid those tensions, Bloomberg envisioned the top 20 countries todrive global economic growth by 2024, relying on IMF and PPP. This is todetermine the factors that will lead the growth, explaining that Saudi Arabiais on that list.

China's economy will be the largest contributor to global economicgrowth in five years, although its contribution to this growth is expected todecline from 32.7% in 2018-2019 to 28.3% by 2024— a relatively steep 4.4percentage point reduction, Bloomberg's report showed.

Bloomberg explained that the US economy, which contributes most tothe growth of the global economy, will fall to third place after India. The UScontribution to global economic growth will decline from 13.8% currently to9.2% in 2024, while China's contribution to global economic growth is expectedto reach 15.5%.

Indonesia will remain in the fourth place with a contribution of3.7%, compared to 3.9% in 2019. Britain is expected to drop from the ninth tothe 13th place due to the repercussions of the exit from the EU.Russia's contribution to global economic growth is expected to continue at 2%after five years, but this will move Japan from that position it currentlyoccupies to the ninth. Brazil is expected to rank sixth from the 11thplace, and Germany is expected to rank seventh with a contribution of 1.6%.

Bloomberg's report mentioned that the remaining G20 countries thatwill lead growth in five years include Saudi Arabia, Turkey, Mexico, andPakistan, while Spain, Poland, Canada and Vietnam drop out of the first 20 list.

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