The BRICS alliance has seen yet another member country officially enter the top 5 global economies in an important shift. Indeed, the bloc has seen India enter the top five, with continued growth expected from the country. Moreover, it should encourage further growth throughout the grouping as a whole.
Currently, BRICS has two nations listed among the five largest global economies, according to the International Monetary Fund (IMF). India currently shares a space on the list alongside China. However, Brazil is featured in the top 10 economies on the planet, with Russia exiting the list a year after being the eighth-largest economy.
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BRICS Get Another Top 5 Economy as Bloc Continues Growth Trajectory
The last year has been massive for BRICS. The 2023 annual Summit culminated in a major expansion step for the collective. Specifically, it became a nine-country alliance as it sought to grow its reach and influence. Now, one of its key members is making good on some important growth prospects of its own.
According to the IMF, a second BRICS nation has entered into the top 5 global economies. Specifically, India has joined China on the important list. The nation’s current GDP of $3.7 trillion has surpassed the United Kingdom’s $3.3 trillion. Moreover, India is expecting to continue climbing the list.
IMF Deputy Managing Director, Gita Gopinath, said that India is projected to be a top-three economy in just three years. Indeed, the organization has increased its economic growth forecast for the nation. Specifically, it has increased from 7% for this fiscal year.
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This could have massive implications for the BRICS alliance. The nation is set to be a massive part of the collective’s future. Additionally, it has continued to discuss trade in local currencies. Therefore, driving the group’s mission to abandon the US dollar in bilateral trade.
Russia has emerged as a key partner in these discussions. That would greatly enhance Moscow’s economic standing through continued trade integration. Earlier this year, the two presidents met in person. With the BRICS Bridge in development, those trade dealings could continue to raise the prominence of alliance member currencies.