Amid what has been a tremendous year of growth for the BRICS bloc, one of its countries has officially become the fastest-growing economy in the G20 for 2024. The collective has sported some of the most promising economic situations on the globe. Yet, that is now starting to manifest in tangible growth that could be massive for the group.
The BRICS bloc has already surpassed the collective GDP of the entire G7 group, according to Russian President Vladimir Putin. Now, all eyes are on the economic group’s growth trajectory, and a plethora of nations are seeking membership in the coming year.
Source: Daily Sabah
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Key BRICS Nation Stands as Fastest Growing Economy in the G7
The last two years have been tremendously important for the BRICS bloc. As the West has imposed sanctions on Russia following its 2022 invasion of Ukraine, it sought economic countermeasures. Many of those came in the form of its burgeoning economic alliance.
Now, the bloc has grown to be much more. Indeed, it is becoming a key hope for emerging countries, with future influence being more defined by the day. That has crescendoed now in one BRICS nation, becoming the fastest-growing economy in the G20 this year.
Source: Lowy Institute
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India has emerged as such, with its GDP growth rate projected at 7% in 2024, reports say. Moreover, the list is filled with many of its alliance peers. China comes in third with a growth rate of 4.8%, with its alliance partner nation, Indonesia, being second with a 5% growth rate.
Russia is also present on the list unveiled at the G20 summit in Brazil. Its 3.6% growth rate takes up the fourth position on the ranking. In comparison, the United States is currently seventh, with a 2.8% growth rate projection for this year.
The list shows how the BRICS moves over the last year have paid off. Moreover, it speaks to their growing influence geopolitically. If these projections ring true, it could leave the economic group with four of the top five fastest-growing economies on the planet.
