China to remain major contributor to global GDP growth

Even though China's GDP growth rate is expected to slowdown, the country will still be the top contributor to global GDP growth in the near term, a Bloomberg report said.

Technicians work on an unmanned aerial vehicle, northern China's Hebei province, Dec. 26, 2017. [Photo/Xinhua]

The International Monetary Fund revised its outlook for the global economy earlier this month and predicted the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 in July.

Bloomberg used International Monetary Fund projections, adjusted for purchasing power parities, to dissect where the growth will come from and draw charts showing the top 20 most significant current players.

China's share of global GDP growth is expected to rise from 27.2 percent to 28.4 percent by 2023, becoming the top contributor to global GDP growth, Bloomberg said.

India's share is predicted to rise from 12.9 percent to 15.9 percent, a jump of three percentage points, while the United States' share of global growth is expected to fall from 12.3 percent to 8.5 percent in 2023, Bloomberg added.

China's GDP growth eased to 6.5 percent year-on-year in the third quarter, according to data released by the National Bureau of Statistics. In the first three quarters, the country saw GDP growth of 6.7 percent.

IMF earlier predicted that the Chinese economy will grow by 6.6 percent this year. But the fund lowered China's economic outlook for 2019 to 6.2 percent, which would be the country's slowest growth since 1990.