Singapore ranks 37th in world growth contribution

Two other Asian countries topped the 2011 list with many more ranking ahead of the island nation.

China remained number one with its 34% contribution to world growth, while India (11.94%) overtook United States to place second, according to BBVA in its EAGLEs Economic Outlook report.

Indonesia (2.44%), Japan (1.83%), Korea (1.80%) also made it in the Top 10.

Singapore's rival Hong Kong and fellow Southeast Asian nations like Thailand, Vietnam, Malaysia, Philippines all ranked higher than the island nation as well, signaling their increasing importance in driving global growth.

Taking it all together, Asia is seen to be main propeller of the world economy, led by the economic powerhouse that is China.

"By regions, world economic growth during the next decade will be concentrated mainly in Emerging Asia, which would be responsible for more than one half. Once again our analysis confirms that this will be the century of Asia and we also expect changes in the balance of global economic power," said BBVA.

"It is also relevant the increase in incremental GDP by Latin American which will overtake Western Europe in terms of new growth. In addition we envisage a process of strengthening the economic and political ties between China and Latin America, who is not only becoming the most important trade partner but also consolidating Asian giant as the main political influence," it added.