Bloomberg reported on Monday that the BRICS group, comprising Brazil, Russia, India, China, and South Africa, is predicted to surpass the US-led G7 in terms of contributing to global economic growth starting this year.
Based on the latest IMF data, the BRICS nations are expected to account for 32.1% of global growth, while the G7 is projected to contribute 29.9%.
The report highlighted that the Western-led bloc’s performance has been declining since 2020 when both groups’ contributions to global economic growth were equal.
By 2028, the G7’s contribution is predicted to decrease to 27.8%, while the BRICS group’s contribution is set to increase to 35%.
China is expected to be the largest contributor to global growth, with its share twice that of the US, and India is predicted to contribute 12.9% of global GDP.
Additionally, a UK-based research firm found that the gap between the BRICS and G7 groups’ global economic weight is expected to widen due to the robust economic growth experienced by China and India, with more countries expressing interest in joining BRICS.
Last year, BRICS countries proposed the creation of their own currency to reduce reliance on the US dollar and the euro in mutual transactions.
