New York. – The contribution of the BRICS group, consisting of Brazil, Russia, India, China and South Africa, to global economic growth, will increase, while that of the Group of Seven (G7), consisting of Canada and France, will increase. Germany, Italy, Japan, the United Kingdom, the United States and the European Union will continue to decline, Bloomberg reported Monday, citing International Monetary Fund forecasts published last week.
As predicted, by 2028, the BRICS share will rise to 33.6%, compared to 31.6% in 2022, while the G7 share will decrease to 27.8%, compared to 30.4% last year.
At the end of 2020, the numbers were similar, with the two groups of countries contributing 31% each to global economic growth.
In addition, the International Monetary Fund expects that China’s contribution to global economic growth between 2023 and 2028 will be twice that of the United States, and the India index will also exceed the North American country index, as it will constitute 12.9% compared to 11.3% last year.
In March, Richard Dias, a consultant at Acorn Macro Consulting, a UK-based macroeconomic research firm, showed the steady growth of the BRICS compared to the G7 and predicted that the gap would only widen in the coming years.
According to the data presented, the BRICS countries now contribute 31.5% of the global GDP, while the G7 accounts for 30.7%.
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