Global GDP Expected to Remain at 3.2%, BRICS Poised to Exceed G7 with 3.6% GDP Boost

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.

CountryGDP 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%

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