Brazil, Russia, India, China, and South Africa, collectively known as the BRICS nations, a global economic rival to the continued dominance of global trade by the G7 nations, are expected to account for 32.1 percent of global Gross Domestic Product (GDP) in 2023, says the International Monetary Fund (IMF).
In a brief research report published on Statista by Felix Richter, a data researcher on Tuesday presented data analytics of the growing influence of the BRICS nations over the past 30 years.
Based on data sourced from the IMF, the researcher pointed out that the economic bloc, which will be rounding up its summit in Johannesburg, South Africa, today (Thursday), will continue to experience steady growth despite economic headwinds in these nations.
The IMF applauded the group for sustaining the momentum in economic growth as seen in its 16.9 percent in 1995.
The researcher pointed out that the IMF added that the 32.1 percent growth of the BRICS nations will surpass the 29.9 percent GDP growth rate of the G7 nations in 2023.
The G7 nations are the United States of America, the United Kingdom, Canada, France, Japan, Germany, and Italy.
The report read, “According to the IMF, the bloc will collectively account for 32.1 percent of global GDP this year. That’s up from just 16.9 percent in 1995 and more than the G7’s share of 29.9 percent.”
The BRICS summit has as one of its major objectives the expansion of the group, providing a good platform for new entrants an opportunity to grow economically. Perhaps Africa’s biggest economy, Nigeria, may be considered, especially as President Bola Tinubu, ably represented by Vice President, Kassim Shettima, may open arms for investment from these countries.
However, the researcher agreed that the rise of the BRICS nations isn’t without its challenges, but their steady growth has amplified the call for more inclusion in the G7 nations.
It said, “The rise of the BRICS nations, while not without challenges and disparities within the group, has led to increased calls for more inclusive and representative global governance, adding more weight to voices that deviate from the policies shaped by the Western-led G7.
“Nowhere has that deviation been more apparent than in the response to Russia’s invasion of Ukraine.”
The researcher argued that the sanctions on Russia over its attack on Ukraine have had less than expected impact because, unlike the G7 nations, the BRICS nations have refused to sanction Russia.
The report read, “While the G7 condemned the attack and imposed strict sanctions on Russia, none of the BRICS members have denounced Russia’s actions or joined in on the sanctions.”