Global Analysis from the European Perspective. Preparing for the world of tomorrow




What do stats say?

First and foremost note that the stats that we are going to look at below are taken from the International Monetary Fund website. In other words, they are neither Russian nor Chinese propaganda. As the year 2024 is running to its end, the IMF has made predictions about the annual projected real GDP. That is, what is projected is the remaining one last month of 2024 because the data from the preceding eleven months are available.

The data show that the growth of GDP of the G7 countries ranged between 0.0 (zero) and 2.8. The United States’ growth is that of 2.8, while that of Germany – Europe’s economic powerhouse! – hit zero, nada, nil, naught, nix. Japan with its 0.3 is following in Germany’s footsteps, while the GDP of such countries as France, Italy, the United Kingdom and Canada oscillates around 1.0:

  1. United States 2.8
  2. Canada 1.3
  3. United Kingdom 1.1
  4. France 1.1
  5. Germany 0.0
  6. Italy 0.7
  7. Japan 0.3

What do stats tell us about the growth of the GDP of the five original BRICS countries? South Africa can boast 1.1, which does not come as a surprise, Brazil is just better off than the United States. Russia’s GDP stands at 3.6 – more than that of the United States by a large margin – while China’s and India’s – with 4.8 and 7.0 respectively – dwarfs that of the United States:

  1. India 7.0
  2. China  4.8
  3. Russia 3.6
  4. Brazil 3.0
  5. South Africa 1.1

If we compile a list that combines the G7 (in blue) and the five original BRICS (in red) countries in descending order, that’s what we get:

  1. India 7.0
  2. China  4.8
  3. Russia 3.6
  4. Brazil 3.0
  5. United States 2.8
  6. Canada 1.3
  7. United Kingdom 1.1 = France 1.1 = South Africa 1.1
  8. Italy 0.7
  9. Japan 0.3
  10. Germany 0.0

The BRICS countries take the first four places. What is more remarkable, Russia and China are doing very well despite the numerous sanctions and tariffs. Surprisingly(?), Belarus with its GDP of 3.6, and Serbia with its GDP of 3.9 – both non-EU states – are doing better than the G7 countries and better than Poland (3.0) and Czechia (2.3) – both the EU member-states whose GDP is among the highest in the Union.

Even Asiatic and African countries can boast higher GDPs than the G7 states:

  • Vietnam 6.1
  • Uzbekistan 5.6
  • Iran 3.7
  • Kazakhstan 3.5
  • Nigeria 2.9
  • Zimbabwe 2.0

Notice Iran – another country that has been beset with sanctions for decades – and Zimbabwe, known rather for its hyperinflation, with a GDP higher than that of the United Kingdom, Canada, Italy, France or Germany.

Haven’t we been told again and again that combining European states into one big economic organism would be beneficial to them all? It doesn’t seem it is. Haven’t we been told again and again that sanctions would ruin Russia and Iran? It doesn’t seem they have.

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