China will become the global economy's biggest growth driver in the next 5 years, doubling the US contribution, IMF says
China will become the biggest driver of global growth over the next five years and will contribute double what the US adds, according to the International Monetary Fund.released last week, China's slice of global gross domestic product expansion will be at 22.6%, India's will be 12.9%, and the US will add 11.3%. Three-quarters of global growth will stem from 20 countries, and over 50% will come from just China, India, the US, and Indonesia.
The IMF expects growth contributions from Brazil, Russia, India, and China to outpace Group of Seven nations. Overall, the IMF anticipates global growth to expand about 3% over the next five years in a higher-interest-rate environment. It's the weakest outlook in over 30 years.
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