NICHOLAS SHUBITZ: Brics bloc is steadily rising and on track to outpace the G7
The addition of new members will further boost the group’s economic power
The Brics countries — Brazil, Russia, India, China and SA — are expected to surpass the US-led Group of Seven (G7) nations in terms of their contribution to the world’s economic growth from 2023 onwards. According to Bloomberg’s most recent calculations based on the latest IMF data, in surpassing the G7 (the US, UK, Canada, France, Germany, Italy and Japan) the Brics group will account for 32.1% of the world’s growth, compared to the G7’s 29.9%.
The G7 has traditionally been seen as the most advanced economic bloc of countries. However, the performance of the Western-led bloc has been declining, and by 2028 the G7’s contribution to the world economy is expected to decrease to 27.8%, while the Brics will account for 35%. The report suggests China will be the top contributor to global growth over the next five years, with its share set to be double that of the US. China’s share of global GDP expansion is expected to reach 22.6% by 2028, while India will also pass the US and co...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.