The balance of global economic power is shifting from the G7 to the BRICS
Bloomberg commented that the balance of global economic power is shifting from the G7 to BRICS.
According to RT on October 24, the global economy will depend more on BRICS countries than on G7 countries (Group of 7 developed economies) in the next 5 years. This statement was published by Bloomberg based on the latest forecast of the International Monetary Fund (IMF).
According to Bloomberg, most of the growth in the coming period will come from the powerful BRICS economies such as Russia, China, India and Brazil. At the same time, the expected contribution of G7 members such as the US, Germany and Japan has been adjusted down by the IMF.
Bloomberg said that China will still be the largest contributor to the global economy, followed by India. However, it should be noted that while the US maintains its position among the world's largest economies, its share of world GDP is gradually decreasing due to rapid growth in developing countries.
On Washington's side, the White House said they do not see BRICS as a threat to the US.
The IMF has forecast that Russia's economic growth will reach 3.6% in 2024, Georgy Ostapkovich, director of the Market Research Center at the Institute of Statistics and Knowledge Economy at the Higher School of Economics of the National Research University, told RT.
The BRICS Summit is taking place in the Russian city of Kazan from October 22-24. This is the biggest event in Russia since the start of the special military operation in 2022, and Russia holds the rotating BRICS presidency.
The BRICS Summit has the main theme "Strengthening multilateralism for equitable global development and security", the leaders discussed creating a new financial and political system characterized by fairness, equality and mutual respect, supporting multilateral principles and enhancing the role of developing countries in global governance.
On October 23, the leaders of the BRICS countries held meetings in both reduced and expanded formats. On the sidelines of the summit, the host country's leader Putin also met with a number of leaders, including the Chinese President, the Turkish President, the Iranian leader, etc.
On October 24, Russian President Vladimir Putin will hold a meeting in the “BRICS+” format in Kazan and will summarize the results of the BRICS Summit at a press conference.