IMF projects 3.6% GDP growth in the global economy

Colombo (News 1st): The global economy is expected to hold roughly at a 3.6% pace of annual GDP growth through 2024, according to International Monetary Fund projections. But, who are the biggest contributors to this growth?  As per IMF projections and adjusted for purchasing power parity, China’s share of global GDP growth is expected to represent 28% of the total followed by India and the U.S. in 2020. India is expected to take 13.7% of global to grow - up from 12.9% last fall. Taking a look at countries in the South Asian region, Singapore, which is highly exposed to international trade has been the first among Asia’s economies to be affected during a downturn, and the country narrowly escaped tipping into recession in the third quarter. The Singaporean Trade Ministry said, based on advance estimates, the Singapore economy grew by 0.8% on a year-on-year basis in the fourth quarter of 2019, extending the 0.7% growth in the previous quarter.