Bloomberg: BRICS countries are ahead of the G7 in terms of contribution to global economic growth
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The BRICS countries (Brazil, Russia, India, China and South Africa) will provide 33.6% of global economic growth by 2028. Writes about it Bloomberg with reference to data from the International Monetary Fund (IMF).
The agency’s material contains a graph called “Leaving the West Behind?”, from which it follows that the contribution of the BRICS and G7 countries to world economic growth in 2020 turned out to be at the same level. However, after that, the indicators of Western countries began to decline. In 2023, Brazil, Russia, India, China and South Africa will account for 32.1% growth, while the UK, Germany, Italy, Canada, France, Japan and the US will account for 29.9%. In 2028, the BRICS indicators will be at the level of 33.6%, G7 – 27.8%.
According to the IMF, China will play the main role in the growth of the world economy in the next five years. In 2023–2028, the country’s share in global GDP growth will be 22.6% of the total world GDP. The second place will be occupied by India with an indicator of 12.9%, the third – by the USA with 11.3%. Indonesia will provide 3.6%, Germany and Türkiye – 2.1% each. Russia’s contribution to world economic growth will be only 1.6%, the same figures for Bangladesh and Vietnam.
According to the April macro forecast of the IMF, in 2023 the global economic growth rate will slow down to 2.8% (from 3.4% in 2022), in 2024 it will level off to 3%.
Read more about the fund’s assessments in the material “Kommersant” “The IMF does not expect much from the economy”.
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