By Tata Mbunwe
Latest projections from the International Monetary Fund (IMF), indicate that France will experience a decline in economic activity that will result in the country dropping out of the top 10 economies in the world by 2029.
IMF experts have highlighted that France’s share of the global Gross Domestic Product (GDP) will decrease from 2.2 percent recorded in 2023 to 1.98 percent by 2029.
This projected decrease is attributed to several factors, including persistently high budget deficits and increasing public debt.
The IMF’s latest forecasts indicate that France’s budget deficit is expected to remain above 4% until 2029, with public debt projected to exceed 115% of GDP.
These economic indicators reflect ongoing challenges in France’s fiscal management and economic policies.
Meanwhile, the United Kingdom is forecasted to take the 10th position globally with a GDP of 2.2 percent in 2029.
Emerging economies like Türkiye will surpass both the UK and France to secure the ninth place, with its share of global GDP reaching 2.09% over the next five years.
The top five contributors to the global economy by 2029 are expected to be China, accounting for 19.48% of the world’s GDP, followed by the United States (14.72%), India (9.23%), Japan (3.21%), and Indonesia (2.79%).
Germany (2.77%), Russia (2.71%), and Brazil (2.19%) will also be among the top 10 economies in the world in 2029, according to the IMF forecasts.
France’s potential drop from the top 10 economies highlights broader trends in global economic dynamics, with emerging economies like China and India playing increasingly significant roles.
Meanwhile, traditional economic powerhouses such as France are facing challenges in maintaining their positions amidst evolving global economic landscapes.
