Xiamen: Chinese President Xi Jinping, left, and Indian Prime Minister Narendra Modi attend the group photo session at 2017 BRICS Summit in Xiamen, Fujian province in China, Monday, Sept. 4, 2017. AP/PTI
It should be noted that the G7 group of countries includes advanced economies like the US, Canada, the UK, France, Italy, Germany, and Japan. The BRICS, on the other hand, are home to 41 per cent of the global population, mostly developing economies, and account for 16 per cent of global trade.
The development has come at a time when the Western countries are struggling with the clouds of a recession. The inflationary pressures, coupled with relentless rate hikes by central banks around the world, have hit Europe hard at a time when Russia is conducting a full-scale invasion into Ukrainian territory, which has accentuated the trouble for Europeans. The war has resulted in high food and fuel prices.
On the other hand, India and China are expected to lead global growth this year. Both Asian economies are expected to deliver growth of five to seven per cent this year.
India is predicted to register one of the fastest expansions of any major regional economy in the world. It is projected to grow 6.4 per cent in 2023. This is lower than India’s GDP growth last year, which was 6.8 per cent.
First Published: Apr 20 2023 | 4:21 PM IST
For more latest Economy News Click Here