Asia will remain the fastest growing region of the world, but the spotlight will shift away from China to India and Indonesia. We think Indonesia is on course to join the elite ‘trillion dollar’ economy club this year. In comparison, we project Chinese growth to remain at around the 6% mark.
India’s contribution to world GDP growth could reach almost 17% this year.
China’s growth may be slowing, but if it manages to grow at 6.5% per year, it will add an economy the size of ‘Turkey’ to global output.
Brazil and Russia will start growing again on an annual basis by 0.5% and 1% respectively, aided by a rise—albeit small—in commodity prices.