LONDON: The global economy is expected to see slower growth in the next five years across a wide band of economies. As per the estimates released this week by the International Monetary Fund, global growth is expected to fall to 3% this year which is the slowest since the global financial crisis and will affect 90% of the world.

China’s share of global GDP growth is expected to fall a relatively steep 4.4 percentage point reduction from 32.7% in 2018-2019 to 28.3% by 2024. America’s share of global growth is expected to slip from 13.8% to 9.2% over the next five years. However, India’s share is projected to rise to 15.5% and eclipse the U.S. over this five-year period.

Indonesia will remain in the fourth spot as its economy is expected to have a 3.7% growth share, which is a slight drop from 3.9% in 2019. The U.K. will see its economy drops from ninth as a share of world growth in 2019, to 13th amid the Brexit.

GDP growth of Russia is at 2% now and expected to stay there in five years, the country is likely to displace Japan as the number five growth contributor. The IMF said new growth engines among the top 20 countries in five years will include Japan, Germany, Turkey, Mexico, Pakistan and Saudi Arabia. Spain, Poland, Canada and Vietnam is expected to drop out of the first 20.