Prediction: 7 BRICS Countries Will Beat the US GDP By 2024

Prediction: 7 BRICS Countries Will Beat the US GDP By 2024

The BRICS economic alliance’s gross domestic product is expected to rise to more than $34 trillion over the next four years. This block continues to grow in strength, numbers, and value. GDP projections for BRICS countries in 2024 are very optimistic, with most of them even exceeding the GDP of the United States.

According to the IMF’s World Outlook, world GDP is expected to increase by 3.2% in 2024. However, due to the impact of the inflation battle in 2023, the US rate is 2.7%, lower than this forecast. Meanwhile, seven BRICS countries are expected to achieve the global GDP growth forecast: India, China, United Arab Emirates, Iran, Ethiopia, and Russia. Egypt’s GDP growth rate is projected to be 3%, still higher than the US.

The IMF’s economic growth forecasts for major countries are mixed, with most G7 and BRICS countries expecting slower growth in 2024 than in 2023. Still, the countries are gaining strength and are expected to overtake the United States.

Will BRICS countries surpass America’s GDP in the future?

Furthermore, many forecasts predict that China’s total GDP will exceed that of the United States by the early 2030s. The BRICS countries and the G7 are further apart, and the gap appears to be widening. However, recent developments by both groups have led to global changes. This has since peaked, with BRICS GDP expected to exceed $34 trillion in just four years, according to CEOWorld data.

BRICS countries seek to overtake the United States in global influence and power. The de-dollarization mission will become even more important in 2024 and appears to be working. Reliance on the US dollar is gradually decreasing worldwide. Several countries in Eastern Europe, Africa, and even Asia are interested in BRICS and could potentially abandon the US dollar. If this effort succeeds, it could be dangerous to U.S. GDP.

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