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Global GDP expected to remain at 3.2%, while BRICS are poised to surpass the G7 with a 3.6% GDP boost

The International Monetary Fund (IMF) has released its gross domestic product (GDP) forecast for 2024. According to this forecast, global growth will remain flat at 3.2%, but many major countries will see a decline. Many of the G7 and BRICS countries are expected to have slower growth in 2024 compared to their growth in 2023. The only BRICS countries that will have higher growth in 2024 compared to 2023 are Saudi Arabia, the UAE and South Africa. .

Speaking of the G7 countries, the US is expected to have a growth of 2.7% in 2024, followed by Canada with a growth of 1.2%. The US had GDP growth of 2.5% in 2023 and Canada 1.2%. Japan had real GDP growth of 1.9% in 2023 and GDP growth of 1.2% is now forecast. France and Italy’s GDP growth will slow to 0.7% in 2024, while they grew 0.9% in 2023. UK GDP growth will rise from 0.1% in 2023 to 0.5% in 2024, followed by Germany, which will see GDP growth of 0.2%, compared to -0.3% from 2023.

India still leads among BRICS countries in real GDP growth, but this will decline in 2024. India had a GDP growth of 7.8%, but will now decline to 6.8% in 2024. China’s GDP growth will rise from 5.2% in 2023 to 4.6% in 2024. The UAE will 2024 will see a slight increase in GDP. In 2023, the country had real GDP growth of 3.4% and now it will rise to 3.5%. Iran is declining in its GDP growth, which was 4.7% in 2023 and is now expected to fall to 3.3% in 2024. Egypt will see a 0.8% decline in its GDP in 2024. Saudi Arabia, which has not confirmed its BRICS invitation, is poised to make a comeback with its GDP. In 2023 this was -0.8% and in 2024 it will be 2.6%.

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 decline from 7.2% to 6.2%. Overall, world GDP will remain the same: 3.2%. The BRICS countries will grow their GDP by 3.6% more than the G7 with an average increase of 1%.

Country GDP growth (2023) GDP growth (2024) forecast
USA (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%
World 3.20% 3.20%

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