After 2020, BRICS nations—Brazil, Russia, India, China, and South Africa—emerged as stronger contributors to global economic growth than the G7. This conclusion aligns with data from the International Monetary Fund, as cited by Bloomberg, which notes that BRICS indicators were already on par with Western economies in 2020, and that the relative performance of Western economies began to trend downward in the following years.
For 2023, forecasts show a shift in the balance of global growth toward BRICS. The IMF projects total BRICS share at 32.1 percent, compared with 29.9 percent for the G7, with a longer-range projection that by 2028 BRICS would reach 33.6 percent while the G7 would edge down to 27.8 percent. These figures illustrate a structural rebalancing in the world economy and highlight the growing influence of emerging markets in setting global demand patterns (IMF).
Within the broader economic landscape, the United Kingdom faced continued challenges in 2023 as IMF projections flagged slower growth relative to its G7 peers. The IMF projected a 0.3 percent contraction for the UK in 2023, followed by a tentative 1 percent expansion in 2024, signaling a renewed period of volatility for the UK economy and positioning it behind other large G7 members in near-term growth (IMF).
Meanwhile, Russia’s trajectory remained a focal point for global observers. In the preceding year, IMF revisions lifted Russia’s 2023 GDP growth forecast to about 0.7 percent, while the outlook for 2024 pointed to a modest improvement around 1.3 percent, underscoring the complex interaction of sanctions, commodity prices, and domestic policy in shaping growth prospects (IMF).