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The International Monetary Fund (IMF) has released its global growth forecasts for 2024, with BRICS economies outpacing many developed nations.
India leads the way with a projected growth rate of 7.0%, positioning itself as one of the fastest-growing major economies. China follows at 4.8%, reflecting strong, though slowing, growth.
Russia is forecast to grow at 3.6%, while Brazil is expected to achieve a 3.0% increase, signaling robust economic performance within the BRICS alliance.
In contrast, G7 economies are projected to grow at slower rates. The United States leads the G7 with a 2.8% growth forecast, followed by Canada at 1.3%.
Read More: G7 vs BRICS: A Comparative Analysis of GDP in 2024
Major European economies, including the UK, France, and Italy, are expected to grow at 1.1%, 1.1%, and 0.7%, respectively. Japan is forecasted to grow at 0.3%, while Germany’s economy is expected to stagnate with zero growth.
Saudi Arabia, invited to join BRICS, is projected to grow at 1.5%, outpacing several G7 nations. South Africa, another BRICS member, is forecast to grow at 1.1%.
The IMF’s forecast highlights a shifting balance in global economic growth, with BRICS nations, particularly India and China, set to lead the way while G7 economies face slower expansion.
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