The BRICS economic alliance has seen its GDP now projected to skyrocket past $34 trillion in the next four years. The bloc continues to grow in strength, numbers, and value. Predictions for BRICS countries’ GDP in 2024 are very optimistic, most are even expected to outperform the US.
According to the IMF’s world outlook, the world’s GDP is expected to rise 3.2% in 2024. However, the US sits below that prediction at 2.7%, likely due to its inflation battle in 2023. On the other hand, BRICS has seven nations expected to match our overtake take world GDP prediction: India; China; the UAE; Iran, Ethiopia, and Russia. Egypt sits at 3% predicted GDP growth, however, this still exceeds the United States.
Economic growth projections by the IMF for major nations are mixed, with the majority of G7 and BRICS countries forecasted to have slower growth in 2024 compared to 2023. Despite this though, the nations are building their strength, and in turn, expected to overtake the United States.
BRICS To Surpass The United States GDP In The Future?
Additionally, many forecasts expect China’s overall GDP to surpass the United States by the start of the 2030s. The BRICS bloc and the G7 have continued to separate, with the gap seemingly widening. Yet, the recent developments of both groups have led to what is a global transition. Subsequently, that is expected to culminate, with the BRICS GDP projected to surpass $34 trillion in just four years, according to data from CEOWorld.
The BRICS bloc is keen on overtaking the United States in global reach and power. Its de-dollarization mission has grown more important in 2024 and appears to be working. The reliance on the US dollar around the world has slowly started to shrink. Multiple nations across Eastern Europe, Africa, and even Asia are interested in BRICS and may ditch the US dollar. This initiative, if successful, could prove dangerous for the US GDP.