The IMF recently released real GDP growth forecasts for 2024, predicting that global economic growth will remain stable at around 3.2%. However, economic growth forecasts have been lowered in several large countries.
The chart shows the differences in real GDP growth forecasts for 2024 between the member countries of each groups.
Global economic growth is predicted to slow in 2024, with most G7 and BRICS countries seeing a slowdown in comparison with 2023. Amid this trend, three latest BRICS members – Saudi Arabia, the United Arab Emirates and South Africa – are expected to Africa – will see higher real GDP growth in 2024 in comparison with 2023.
In 2024, the worldwide economy will resemble a roller coaster. On the one hand, China and India, the BRICS giants, are expected to take care of relatively high growth rates of 4.6% and 6.8%, respectively. However, in comparison with the previous 12 months, China is slowing down by 0.6 percentage points and India by 1 percentage point.
On the opposite hand, 4 G7 countries are showing signs of recovery. Germany, which experienced a recession in 2023 (-0.3%), is forecast to recuperate and experience positive economic growth. Other G7 countries equivalent to the United States, Japan and Canada are also expected to speed up.
Amid a world economic slowdown, BRICS countries are forecast to post a median growth rate of three.6% in 2024, leaving the G7 behind with just 1%.
The benefits of BRICS don’t end there. The potential addition of recent members and better growth rates over the following twenty years are expected to push them beyond the G7 when it comes to economic size.
Although the combined GDP of the G7 countries still exceeds $15 trillion, BRICS is sort of a high-speed train, able to overtake the long-time champion.
