PwC expects global economy to grow at modest pace in 2020

PwC expects a slowdown in global economic growth in 2020, Report says, citing research posted on the company's website.

"In our main scenario for 2020, we expect the global economy to expand at a rate of around 3.5% in purchasing power parity ("PPP") terms which is below the 21st century average of 3.8% per annum," the company said.

But global services trade is expected to hit US$7 trillion.

Experts expect China to overtake France in 2020 and become the world's fourth largest services exporter.

According to the materials, global renewable energy and nuclear consumption will likely make up more than 20% of global energy consumption, which is the highest it has ever been. China is expected to be the largest consumer of this type of energy closely followed by Europe. However, oil is expected to continue to remain the most preferred source of energy in 2020 for the world economy, followed by coal and natural gas. The US and China will almost certainly remain the largest consumers of oil in the world in 2020.