BRICS' share in world economy reaches record 36.8 % by end of 2024

The BRICS' share in the global economy reached a record 36.8% by the end of 2024. And the gap between the association and the G7 has reached its all-time high. RIA Novosti reported citing IMF data.

The BRICS' contribution to global GDP grew by 0.64 percentage points last year. At the same time, the G7's share in the global economy fell below 29% for the first time, losing 0.42 percentage points over the year to 28.86%. As a result, the gap between the BRICS and G7 contributions grew to a record 8 percentage points last year from 6.9 a year earlier.

The reasons for this, as noted by RIA Novosti, the rapid growth of the BRICS countries, seven of which last year increased their contribution to the world economy: the share of China increased by 0.34 percentage points to 19.45%, India - by 0.25 percentage points to 8.25%, Russia - by 0.05 percentage points to 3.54%, Ethiopia - by 0.01 percentage points to 0.27%. Brazil (2.4%), Iran (0.9%) and the UAE (0.4%) also saw a slight increase of less than 0.01 percentage points.

The only BRICS countries that saw their share of the global economy decline were Egypt and South Africa, down about 0.01 percentage points each, to 1.14% and 0.5%, respectively.

At the same time, all G7 countries recorded a decrease in their contribution to global GDP. Japan and Germany fell the most - 0.1 percentage points each, to 3.3% and 3.06%, respectively. At the same time, Britain (2.2 %), Italy (1.8 %) and France (2.2 %) reduced their contribution to the global economy by 0.05 percentage points. The share of Canada amounted to 1.3% against 1.4% a year earlier, the share of the USA amounted to 14.88% against 14.94%.

BRICS is an interstate association established in 2006. Russia took over the BRICS chairmanship on January 1, 2024. The year began with new members joining the association - in addition to Russia, Brazil, India, China and South Africa; it now includes Egypt, Ethiopia, Iran and the UAE. Indonesia joined in 2025. Its data were not taken into account in the analysis.