The International Monetary Fund (IMF) has released its forecast for Gross Domestic Product (GDP) for 2024. According to this forecast, global growth is going to stay the same with 3.2% but many major countries are going to see a decline. Many of the countries from the G7 and BRICS are expected to have a slower growth in 2024 as compared to their growth in 2023. The only BRICS countries that will have a higher growth in 2024 as compared to 2023 are Saudi Arabia, UAE and South Africa.
Talking about G7 countries, the USA is expected to have a 2.7% in 2024, followed by Canada with 1.2% growth. The USA had 2.5% GDP growth in 2023 and Canada had 1.2%. Japan saw a 1.9% real GDP growth in 2023 and now it is predicted to have 1.2% GDP growth. France and Italy’s GDP growth is going to decrease to 0.7% in 2024 while in 2023, they had 0.9% growth. UK’s GDP growth will go from 0.1% in 2023 to 0.5% in 2024, followed by Germany which will see 0.2% GDP growth from -0.3% from 2023.
India is still at the top of BRICS countries in terms of real GDP growth but it will decrease in 2024. India had 7.8% GDP growth but now it will decrease to 6.8% in 2024. China’s GDP growth will go from 5.2% in 2023 to 4.6% in 2024. UAE will see a slight increase in GDP in 2024. In 2023, it had 3.4% real GDP growth and now it will increase to 3.5%. Iran is declining in its GDP growth which was 4.7% in 2023 and now it is predicted to fall to 3.3% in 2024. Egypt will see a 0.8% decrease in its GDP in 2024. Saudi Arabia, who has not confirmed its BRICS invitation, is set to make a comeback with its GDP. It was -0.8% in 2023 and it will be 2.6% in 2024.
Brazil will go from 2.9% in 2023 to 2.2% in 2024. South Africa’s GDP will increase from 0.6% in 2023 to 0.9% in 2024. Ethiopia will see a decrease from 7.2% to 6.2%. Overall, the world’s GDP is going to remain the same– 3.2%. BRICS will have a higher increase in their GDP by 3.6% as compared to G7 with 1% average increase.
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Talking about G7 countries, the USA is expected to have a 2.7% in 2024, followed by Canada with 1.2% growth. The USA had 2.5% GDP growth in 2023 and Canada had 1.2%. Japan saw a 1.9% real GDP growth in 2023 and now it is predicted to have 1.2% GDP growth. France and Italy’s GDP growth is going to decrease to 0.7% in 2024 while in 2023, they had 0.9% growth. UK’s GDP growth will go from 0.1% in 2023 to 0.5% in 2024, followed by Germany which will see 0.2% GDP growth from -0.3% from 2023.
India is still at the top of BRICS countries in terms of real GDP growth but it will decrease in 2024. India had 7.8% GDP growth but now it will decrease to 6.8% in 2024. China’s GDP growth will go from 5.2% in 2023 to 4.6% in 2024. UAE will see a slight increase in GDP in 2024. In 2023, it had 3.4% real GDP growth and now it will increase to 3.5%. Iran is declining in its GDP growth which was 4.7% in 2023 and now it is predicted to fall to 3.3% in 2024. Egypt will see a 0.8% decrease in its GDP in 2024. Saudi Arabia, who has not confirmed its BRICS invitation, is set to make a comeback with its GDP. It was -0.8% in 2023 and it will be 2.6% in 2024.
Brazil will go from 2.9% in 2023 to 2.2% in 2024. South Africa’s GDP will increase from 0.6% in 2023 to 0.9% in 2024. Ethiopia will see a decrease from 7.2% to 6.2%. Overall, the world’s GDP is going to remain the same– 3.2%. BRICS will have a higher increase in their GDP by 3.6% as compared to G7 with 1% average increase.
| Country | GDP Growth (2023) | GDP Growth (2024) Projected |
|---|---|---|
| U.S. (G7) | 2.50% | 2.70% |
| Canada (G7) | 1.10% | 1.20% |
| Japan (G7) | 1.90% | 0.90% |
| France (G7) | 0.90% | 0.70% |
| Italy (G7) | 0.90% | 0.70% |
| UK (G7) | 0.10% | 0.50% |
| Germany (G7) | -0.30% | 0.20% |
| India (BRICS) | 7.80% | 6.80% |
| China (BRICS) | 5.20% | 4.60% |
| UAE (BRICS) | 3.40% | 3.50% |
| Iran (BRICS) | 4.70% | 3.30% |
| Russia (BRICS) | 3.60% | 3.20% |
| Egypt (BRICS) | 3.80% | 3.00% |
| Saudi Arabia (BRICS-invited) | -0.80% | 2.60% |
| Brazil (BRICS) | 2.90% | 2.20% |
| South Africa (BRICS) | 0.60% | 0.90% |
| Ethiopia (BRICS) | 7.20% | 6.20% |
| World | 3.20% | 3.20% |
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