In a significant shift on the global economic stage, the Chinese mainland is projected to become the world’s top economic powerhouse over the next five years, outpacing the combined growth of all Group of Seven (G7) nations. This projection comes from the International Monetary Fund (IMF) and was recently highlighted by Bloomberg.
By 2029, the Chinese mainland is expected to account for approximately 21 percent of the world's new economic activity, slightly edging out the G7’s total contribution of 20 percent. In contrast, the United States is projected to contribute nearly 12 percent.
Bloomberg further reports that around 75 percent of global economic growth will emerge from just 20 countries. Leading this charge are the Chinese mainland, India, the United States, and Indonesia, which together will drive over half of this growth.
Meanwhile, traditional G7 members like Canada and Italy are anticipated to contribute less than one percent to global growth in the coming years. This decline is stark when compared to rapidly growing nations such as Bangladesh and Egypt, where population growth is a key driver of economic activity.
Reference(s):
China to outpace G7 as engine of global economic growth: Bloomberg
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