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.
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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.
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