BRICS+ group's share in global goods exports can overtake G7 by 2026: EY India
The Hindu
EY Economy Watch: BRICS+ poised to surpass G7 in global trade by 2026, signaling a shift in economic landscape.
The share of BRICS+ grouping in global merchandise exports can overtake the G7 bloc by 2026, EY India said on Wednesday (October 30, 2024).
The October edition of EY Economy Watch reveals a significant shift in global trade dynamics, with the BRICS+ group rapidly increasing its share in merchandise exports and imports.
Also Read | Brazil becomes second BRICS country after India not to join China’s BRI
From 2000 to 2023, the BRICS+ group's share of global merchandise exports has risen from 10.7% to 23.3%, marking an impressive increase of 12.6 percentage points.
In contrast, the G7's share has seen a notable decline, dropping from 45.1% to 28.9%. Meanwhile, the rest of the world has maintained a relatively stable share, increasing slightly from 44.2% to 47.9%.
G7 is a grouping of advanced economies — the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.
This trend highlights the growing prominence of the BRICS+ group in the global trade arena, suggesting a potential shift towards a multipolar global economic landscape, EY India said.
Georgian Dream party wins election amid allegations of fraud, sparking calls for independent investigation from US and EU.
US imposes sanctions on firms aiding Russia's war effort, aiming to degrade Russia's military capabilities and support for Ukraine.
China and Russia discuss Ukraine crisis amid tensions with North Korea, as US and South Korea express concerns.
Iran's missile production remains intact despite Israeli strikes, Tehran denies accusations of transferring missiles to Russia.
Hezbollah's new leader Naim Qassem open to ceasefire with Israel under acceptable terms, awaiting viable deal presentation.
Georgia's Indian American community discusses key issues in the upcoming election, highlighting diverse perspectives and priorities for voters.
Hindu Forum criticizes Pierre Poilievre for cancelling Diwali celebrations, highlighting exclusion of Canadian Hindus, Sikhs, Buddhists, and Jains.
EY Economy Watch: BRICS+ poised to surpass G7 in global trade by 2026, signaling a shift in economic landscape.
Flash floods in Spain's Valencia region kill over 50, devastate towns, disrupt transportation; rescue efforts ongoing.
Botswana votes in general elections with ruling party seeking to extend its rule, amid concerns of unemployment and corruption.
Russian drones attack Kyiv, injuring nine and damaging buildings, as air defense units destroy 33 out of 62 drones.