BRICS Overtake US and G7 According to IMF: Is it the end of Bullying?
BRICS Overtake US and G7 According to IMF: Is it the end of Bullying?
Fastepo: 7-17-2024
In recent years, the BRICS countries have shown remarkable economic dynamism, often outpacing the traditional economic powerhouses of the G7. This trend is highlighted in the latest International Monetary Fund (IMF) World Economic Outlook report, a key publication from one of the major Western-led financial institutions which is released on July 16th, 2024.
According to the IMF's projections for 2024-2025, these emerging markets are not only recovering robustly from the global disruptions of the past few years but are also establishing themselves as pivotal engines of global growth.
The IMF report underscores a significant shift in the global economic landscape. While advanced economies such as those in the G7 are expected to maintain steady but modest growth rates, the BRICS countries and their emerging market peers are projected to experience much higher growth trajectories.
In this video, we delve into discuss the details of this report by comparing BRICS countries against G7. This divergence in growth rates is not just a temporary phenomenon but a reflection of deeper structural changes and strategic economic policies in these emerging markets.
The BRICS nations and their allies are leveraging their large populations, growing middle classes, and strategic investments in infrastructure and technology to boost their economic performance. In contrast, the G7 countries are grappling with aging populations, slower productivity growth, and the lingering effects of the financial crises and economic uncertainties.
As the IMF report indicates, the global economic center of gravity is gradually shifting towards these dynamic emerging markets.
This shift is likely to have profound implications for global trade, investment, and geopolitical relations. The sustained higher growth rates in the BRICS and other emerging economies highlight the increasing importance of these countries in driving global economic progress and underscore the need for a more inclusive and representative global economic governance structure.