The International Monetary Fund (IMF) has updated its forecast, indicating that global economic growth will increasingly depend on BRICS countries (Brazil, Russia, India, China, and South Africa) rather than wealthier Western nations.
According to the latest projections based on purchasing power parity released this week, the economic clout of China, India, Russia, and Brazil is expected to account for a larger share of global growth over the next five years compared to six months ago. In contrast, the expected contribution from the Group of Seven (G7) members, including the United States, Germany, and Japan, has been revised downwards.
Analysis from Bloomberg, based on the IMF's new forecast, suggests that China will be the largest contributor to global growth in the next five years, accounting for 21.7% of the increase, surpassing the combined contribution of all G7 countries. India is projected to be another major driver of global growth, expected to account for nearly 15% by 2029. The United States is forecast to contribute 12%, a decrease of 0.3%. Russia ranks fifth, accounting for 2.1% of global growth, an increase of 0.3%.
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