The global Monetary Fund (IMF) published growth forecasts for real gross home product (GDP) for 2024 in April this year. It is interesting to compare GDP growth in the G7 and BRICS+ associate States in 2023 and the IMF forecast for this year. According to the information presented, this year economical growth for both groups of countries will vary, with most G7 and BRICS+ countries experiencing economical slowdown, little GDP growth than in 2023.
Three BRICS+ associate countries, namely Saudi Arabia, the United arabian Emirates and South Africa, are expected to accelerate economical growth this year. China and India are expected to keep comparatively advanced growth rates in 2024, but the GDP growth of China will fall by 0.6% compared to the erstwhile year and India by 1%.
In the G7 group, 4 countries will velocity up. These countries will include Germany, which has seen a decrease in GDP growth of -0.3% in the past year.
Importantly, the IMF estimates that the BRICS+ countries will accomplish a importantly higher GDP growth average of 3.6%. For G7, this average is 1%. The full GDP of the G7 countries will be around $15 trillion higher than the BRICS+ countries.
Assuming higher GDP growth rates stay and the projected increase in membership, BRICS+ is likely to outpace G7 in terms of economical size over the next decade. In February this year, South Africa's abroad Minister reported that requests to join the BRICS+ block had been submitted by another 34 states. Any changes to the members of the group will most likely be announced before or during the BRICS+ summit, which will take place on 22-24 October of this year... in Kazan, Russia.
Source:
- imf.org;
- talkmarkets.com;
- bricstoday.com;
Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 China
Email: [email protected]
Editorial: Leszek B.
Email: [email protected]
© www.chiny24.com
Training details HERE
