xi's moments

Global economic growth entering slowdown

By Yu Xiaoming | chinadaily.com.cn | Updated: 2019-02-12 11:13

Photo taken on May 16, 2018 shows an automatic container dock in Qingdao, East China's Shandong province. [Photo/Xinhua]

The global economy is projected to grow at 2.6 percent between 2020 and 2035 and enter a low-speed growth period, Economic Daily reported citing the Development Research Center of the State Council.

Considering changes in major factors such as technology, urbanization, population and environment, global economic growth is expected to experience a declining trend with slower growth rate long-term, the center said.

Developed economies' overall growth is predicted to slow down further to about 1.7 percent — below the average growth rate over the past 50 years — while for developing countries, the annual average growth rate is expected to be 4.9 percent.

Over the next 15 years, some developing countries will continue their urbanization process. A new round of technology revolution and urbanization still carries potential for economic growth in some developing countries.

The global urbanization rate is expected to be 61.7 percent by 2035, becoming a key driver for future growth, the center asserted.

Meanwhile, a slump in population increases and growing aging populations will become a key factor dragging down economic growth in developed countries and some developing countries.

The global population is predicted to rise from 7.35 billion in 2015 to 8.89 billion in 2035 and 9.77 billion in 2050. The proportion of the aging population is expected to rise from 8.3 percent in 2015 to 13 percent in 2035 and 15.8 percent in 2050.

Over the next 15 years, global economy is expected to trend more toward multipolarity. By 2035, developing countries' GDP will surpass developed economies', contributing nearly 60 percent in global economy and investment.

The focus of global economic growth will shift from Europe and the United States to Asia and extend to other developing countries and regions, the center added.

BACK TO THE TOP
Copyright 1995 - 2018 . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349