BRICS Surpass US and G7 Economy: End of the Empire?
By Fastepo
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.
Here’s what others had to say:
@eskapadela
The international competition of countries is increasingly multipolar.
I hope this competition produces equitable results in macroeconomics and microeconomics.
@nwedrikkozijn
Clean Water, reliable Electricity, fair housing, Independent, Impartial and honest Rule of Law, Sound money & currency management, Free Trade, an independent Media and a good road and rail system: A prerequisite for BRICS eclipsing the G7+ BlackRock, G20+ WEF.
@juggernautenterprise
Recommend that you write out the script for the computer narration more explicitly: ex, twenty-thirties instead of 2030s. It will make the experienced narration less annoying.
@HappyPandaBear73
BRICS+ NATIONS ALL THE WAY!
@ChrisHalden007
Would have been a more interesting video with charts and numbers instead of a flow of stock images.
@nigelgrimmett851
Expected growth of 1.4 and 1.5% for Russia is well down on 2023 which is rediculously low given there economy is driven by the war and the shift away from the US dollar.
@karlphillips8310
Don’t know where you get your numbers, but vast majority of trade that BRICS do with exporting to the West and other countries – let’s be real, USA GPS is $25.4 trillion and G7 is $43.766 trillion; whilst BRICS is $25.6 (main one driving it all is China $17.69 trillion with huge real estate problems bubbling just under the surface; can’t really count Russia anymore $2.24 trillion now it’s economy is imploding; South Africa is suffering huge energy blackouts with huge unemployment and poverty; India doesn’t use international standards to measure output and risks squandering its demographic dividend; Brazil’s unemployment issues isn’t being solved and the economy is slowed due to complex tax system and poverty). In every corrupt country, you never get the real true figures, because they always hide behind fake numbers to attempt to show the international community they are better than they really are, otherwise the fraud would quickly fall apart, just like it has in Russia. They will attempt to move to a gold standard, but mark my words, a lot of this will end up in Swiss Banks in Private Individual Accounts; it will not go to the country or people.
@freepalestine.23
They won’t overtake them yet! Give them another 10 years! They have too much rivalry amongst each other! They can’t work together like the G7 and their average wage pp is way too low compared to the G7!!
@rosszografov614
Sometimes it’s difficult to believe that this platform comes from the UK. Usually we get stupidity from UK mass media.
However, the Russian Federation information needs fixing, even here.
@czerruiz7192
G7’s only point they can use to challenge other coalitions, is climate
@jonybe5854
All indians can come to Brazil and Russia. Please come we need population there..
@tonywong7992
canada get out of the g7 like i said before – think whats better for canada first then find cooperation with “good” others usa not really they r thinking more for themselves than to HELP others
@RogerDosethee-bg8rw
Imagine most NATO countries have nothing to contribute in the world yet behavior is out of control
@mutantryeff
BRICS doesn’t appear to be a true currency. It appears more like giving countries the option of doing exactly what you might be doing. Do I use the VISA credit card (SWIFT) for this transaction or the MasterCard (BRICS). It is just an alternative mechanism to make the transaction. I’d only be concerned if those ~65 countries that have their currencies pegged to the US dollar start migrating to a peg of gold or some other instrument.
@andysworld47
The U.S. is growing at 4% for an established Power it’s carrying the world economy on its back.
Original source: https://www.youtube.com/watch?v=bI9ScJNF-6k
