Over the last two years, the global economy has undergone a massive shift. The BRICS alliance has been a massive part of that, with the alliance nations dominating the list of the top 10 fastest-growing economies. Moreover, they have only pushed the United States further down the list.
The bloc has been outspoken in its pursuit to shift the financial status quo, specifically, through its quest for multipolarity and ongoing de-dollarization efforts. That has seemingly paid dividends, with economic standings showing the transition of power.
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BRICS Take Over Top 10 Fastest Growing Economies in Global Shift
The US has been the dominant global power for decades. Its influence is undeniable amid the prominence of the dollar in all of finance. Yet, that appears to be changing. According to the IMF’s global outlook, one economic alliance boasts the majority of the economies with tremendous potential.
The BRICS bloc dominates the list of the 10 fastest-growing economies, according to the UN Financial Agency. Specifically, India, China, and Russia all have a space within the top five. Alternatively, the United States has dropped to the 7th position.
India is firmly situated atop the list for 2024. The IMF notes that the country’s economy is expected to grow 6.5% in 2025, while already boasting the world’s fifth-largest GDP figure. Yet, it should be able to climb to within the top three in the coming year.
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Both China and Russia are the second and fifth fastest-growing economies. The former is predicted to grow 4.5% in 2025, with Moscow set to grow 3.2%. The two countries are vital for BRICS as they feature continued exploration into crypto trade settlements. They could drive further unilateral trade dealings away from the US dollar with their various initiatives.
Brazil is the next highest BRICS nation and comes in as the 11th fastest-growing economy. The IMF projects that the South American country will grow 2.4% in the coming year. Moreover, it currently has the ninth-largest economy in terms of its GDP.
These developments have pushed the US to the 7th spot on the fastest-growing economies list. It is currently expected to only grow 1.5% in 2025, lower than Brazil or any BRICS nation. However, its 2.6% growth projection this year maintains its spot on the list.
