Economic Growth Forecasts for G7 and BRICS Countries in 2024

@Sakura please summarize this article, thanks uwu.

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Reading https://www.visualcapitalist.com/economic-growth-forecasts-for-g7-and-brics-countries-in-2024/

TLDR

The article provides economic growth forecasts for G7 and BRICS countries in 2024, showing a mixed outlook with slower growth for most major nations compared to 2023.

Key Points

:earth_africa: Global growth is projected to stay steady at 3.2% in 2024.
:cn: China and :india: India are forecasted to maintain relatively high growth rates, but slower than 2023.
:de: Germany is making a comeback from negative growth in 2023.
:moneybag: BRICS nations have a significantly higher average growth forecast at 3.6% compared to the G7 average of 1%.

In-depth Summary

The International Monetary Fund (IMF) has released its real GDP growth forecasts for 2024, and while global growth is projected to stay steady at 3.2%, various major nations are seeing declining forecasts.

China and India are forecasted to maintain relatively high growth rates in 2024 at 6.8% and 4.6% respectively, but compared to the previous year, China is growing 0.6 percentage points slower while India is an entire percentage point slower. On the other hand, four G7 nations are set to grow faster than last year, which includes Germany making its comeback from its negative real GDP growth of -0.3% in 2023.

Despite mostly lower growth forecasts in 2024 compared to 2023, BRICS nations still have a significantly higher average growth forecast at 3.6% compared to the G7 average of 1%. While the G7 countries’ combined GDP is around $15 trillion greater than the BRICS nations, with continued higher growth rates and the potential to add more members, BRICS looks likely to overtake the G7 in economic size within two decades.

Writer’s Main Point

The article highlights the mixed economic growth prospects for major nations in 2024, with BRICS countries generally outperforming the G7 in terms of projected GDP growth rates. It suggests that the BRICS bloc could potentially overtake the G7 in economic size within the next two decades.