(MENAFN) On Monday, Bloomberg reported that the BRICS group, comprised of Brazil, Russia, India, China, and South Africa, is expected to significantly increase their share of the global economy by 2028, reaching nearly 35 percent. The latest IMF data analyzed by Bloomberg suggests that this year, the BRICS countries will contribute 32.1 percent of the world's growth, compared to the G7's 29.9 percent.
The G7 nations, which include the United States, United Kingdom, Canada, France, Germany, Italy, and Japan, are widely considered the most advanced economic bloc of countries globally. However, according to the report, the contribution of the BRICS countries and the G7 to global economic growth was equal in 2020, and since then, the performance of the Western countries has been declining. By 2028, the G7's contribution to the world economy is expected to decrease to 27.8 percent.
Bloomberg's calculations indicate that China will be the top contributor to global growth over the next five years, with its share of global GDP expansion set to be double that of the United States. The outlet predicts that China's share of global GDP growth will represent 22.6% of total world growth by 2028. Meanwhile, India is projected to contribute 12.9 percent of global GDP.
This data highlights the shifting balance of power in the global economy, with the BRICS group increasingly becoming a dominant force in driving global economic growth. As these countries continue to develop and innovate, they are likely to play an even more significant role in shaping the future of the global economy in the years to come.
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