World GDP To Surpass $100 Trillion, India’s Share In GDP Growth May Touch 16 Per Cent By 2023
The global GDP is expected to cross the $100 trillion mark by 2022, and the projected annual growth is likely to be around 3.7 per cent between 2018-2020, Hindustan Times has reported. The forecast on the world economy has been published by Bloomberg based on International Monetary Fund (IMF) data.
India currently shares 13 per cent of of the global GDP growth and is expected to increase three notches above to 16 per cent. Fourth spot will be held by Indonesia. Brazil will stand fifth in the world economy by 2023.
China is projected to grow at a slower pace than the US in 2040 according to Organisation for Economic Co-operation and Development (OECD) projections. However, it will continue to remain one of the top contributors to the global GDP in the next term. From 27.2 per cent, China’s share of the global GDP is expected to rise to 28.4 per cent by 2023.
The share of the US in global GDP growth could shrink from current 12.9 per cent to 8.5 per cent in 2023. Several other countries will increase their shares in the global GDP with Iran, Turkey, Bangladesh expected to gain significantly. The share of European nations like Germany and Italy is likely to reduce by 2023.