America and China have reportedly remained as two of the biggest global economies since 1992. The bold fact is proven by the statistics published by the World Bank and IMF (International Monetary Fund).
As per statistics, a prediction has been made of China, overtaking the United States as the biggest economy with India taking the third off the list.
According to the statistics of world bank and IMF, by 2024, Asian countries will lead the list of top 5 countries globally considering the size of its GDP. This will disrate the countries of Europe with huge economic powers, down to the list.
Ever since 1990, China’s economic growth has been spiking. This is at a time, India and Indonesia broke through the list, only to find them among the top 10 biggest economies in the world. These two countries are expected to reach the ranks of top 3 and 5 by 2024, while Japan, another growing economy, is expected to rank the 4th of this list, with Russia being on 6th by 2024.
One of the main reasons for the continental shift in GDP is Asia’s burgeoning middle class. China has been the epitome of market growth in the 21st century and is expected to tackle an aging population in the country. This will discourage consumption within China.
The countries, Indonesia, Philippines and Malaysia are subjected to a significant labor growth in the upcoming years. According to the World Economic Forum, this will contribute to an increased average disposable incomes.
While more Asian multinationals are expected to appear in the global scenes, companies such as China’s Huawei and India’s tata are already on the list. According to FAO, a quickly growing divide between the rural and urban incomes, environmental degradation and new challenges for governance institutions are some of the problems faced by Asia, in its journey of growth.