Hassan Magulumali
The G7 and BRICS represent two major economic blocs, each wielding significant influence in the global economy.
In 2024, a comparison of the Gross Domestic Product (GDP) between these groups highlights shifting dynamics in economic power.
G7 Nations (2024 IMF Projections):
- United States: $26.7 trillion
- Japan: $4.9 trillion
- Germany: $4.2 trillion
- United Kingdom: $3.9 trillion
- France: $3.3 trillion
- Italy: $2.1 trillion
- Canada: $2.2 trillion
Total
G7 GDP: Approximately $47.3 trillion
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BRICS Nations (2024 IMF Projections):
- China: $19.4 trillion
- India: $4.1 trillion
- Russia: $2.3 trillion
- Brazil: $2.1 trillion
- South Africa: $0.4 trillion
Total
BRICS GDP: Approximately $28.3 trillion
Analysis:
Size of Economies: The G7, collectively, still commands a larger combined GDP at $47.3 trillion, compared to BRICS’ $28.3 trillion. However, the rapid growth of BRICS nations, particularly China and India, indicates a closing gap in global economic dominance.
-Growth Trajectories: While G7 economies, like the US and Japan, remain among the largest globally, their growth rates are slower compared to BRICS nations. India, with a 7.0% projected growth, and China at 4.8%, are set to contribute significantly to global growth in 2024, outpacing many G7 economies.
Future Outlook: BRICS nations are increasingly important players on the global economic stage, driven by their higher growth rates and rising influence in international trade and finance. The G7 maintains its lead in absolute GDP, but BRICS is catching up, with emerging economies set to reshape the global economic order in the coming decades.
BRICS
G7 and BRICS GDP comparison shows shifting global economic power.