Some of its largest states are also its poorest. By 2030, Germany will maintain the strongest economy in western Europe, rounding out 10th place on the list. It will also do lasting damage to labor productivity and potential output. What the visualization also shows is the rapid development of China’s economy, starting behind India in the 1970s, overtaking in the mid 1980s and thereafter consistently growing into a more dominant global economy. In addition, a comprehensive reform drive is needed to reduce the adverse impact of the pandemic on long-term growth prospects by improving governance and business environments, and expanding investment in education and public health. These vulnerabilities have amplified the economic shock to livelihoods from COVID-19 and threatened to throw large numbers of people into extreme poverty. Global coordination and cooperation will be critical. «The recovery could be weaker than expected if the pandemic worsens, necessitating prolonged restrictive measures and/or escalating geopolitical tensions,» it added. This is 1 to 5% faster annual growth than the rest of the world. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. Economic activity among oil importers is expected to contract by 0.8% in 2020, as tourism and exports decline. Has the sovereign debt crisis changed the cyclicality of Portuguese remittances? Turkey’s economy has grown rapidly over the past two years despite adverse shocks. Central America’s economy is projected to shrink by 3.6% and the Caribbean is anticipated to contract by 1.8%, and by 3.1% excluding Guyana, where the offshore oil industry is developing rapidly. Do energy prices affect US investor sentiment? Economic activity is expected to contract in every sub-region in 2020 as outbreaks of the virus constrain private consumption and investment: Central Europe by 5%; Western Balkans by 3.2%; South Caucasus by 3.1%; Eastern Europe by 3.6%; and Central Asia by 1.7%. Global GDP is expected to increase by 2030, but the gap between the richest and poorest economies is set to stay almost the same. Do migrants transfer productive knowledge back to their origin countries? “India will likely be the main mover, with its trend growth accelerating to 7.8 per cent by the 2020s partly due to ongoing reforms, including the introduction of a national goods and services tax (GST) and the Indian Bankruptcy Code (IBC),” the report said. Global Economic ... Go to resource API file. Growth forecasts for all regions have been severely downgraded. Amid recent episodes of financial stress, growth in emerging market and developing economies has lost momentum and is projected to stall at 4.2 percent this year, with a weaker-than-expected rebound in commodity exporters accompanied by deceleration in commodity importers. Financial market pressures and trade tensions could escalate, denting global activity. Economic disruptions are likely to be more severe and protracted in those countries with larger domestic outbreaks, greater exposure to international spillovers (particularly through exposure to global commodity and financial markets, global value chains, and tourism), and larger pre-existing challenges such as informality. “Sustained job creation outside agriculture, which accelerated in the 2010s, has improved. The United States continues to grow, consistently well above the global average, maintaining its status as one of the world’s largest economies. Using just the former, China is already considered the world’s largest economy. 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Growth in the region is projected to fall to 0.5% in 2020, the lowest rate since 1967, reflecting disruptions caused by the pandemic. Pakistan (-2.6% in FY 2019/20) and Afghanistan (-5.5%) are both projected to experience contractions, as mitigation measures are anticipated to weigh heavily on activity. wellbeing, notably in less-developed regions,” the report notes. The regional economy is forecast to contract by 4.7%, with recessions in nearly all countries. © 2020 The World Bank Group, All Rights Reserved. Current projections suggest that the COVID-19 global recession will be the deepest since the end of World War II, with the largest fraction of economies experiencing declines in per capita output since 1870. KAZINFORM The World Bank has updated its forecast for emerging and developing economies (EMDE) in Europe and Central Asia (ECA) for 2020, to minus 4.4% from minus 4.7% in the previous report in June. KAZINFORM The World Bank has updated its forecast for emerging and developing economies (EMDE) in Europe and Central Asia (ECA) for 2020, to … A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. Despite these measures, per capita incomes in all EMDE regions are expected to contract in 2020, likely causing many millions to fall back into poverty. Turkey will rise from the ninth to fifth-largest economy in 2030.Source:istock. Africa, for example, sees steady but considerably slower growth than the rest of the world, with much lower levels of per capita GDP across the continent. Nationwide News Pty Limited Copyright © 2020. Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, Centre for the Fourth Industrial Revolution, Schwab Foundation for Social Entrepreneurship. Output is projected to contract by 3.2% in FY 2020/21, when the impact of the pandemic will largely hit. The United States is expected to lose its position as the world’s largest economy by 2030.Source:istock. Bihar and Uttar Pradesh — two of India’s poorest states — are on par with sub-Saharan Africa at less than $1000.