BRICS: IMF announces strong economic growth for Russia

Very bad news for the European Union and the USA! The IMF has just published its 2024 World Economic Outlook report for the year. In this 202-page document, the Bretton Woods institution presents Russia as one of the strongest and most promising economies in 2024. Russia’s economy, a founding member of the BRICS supposed to buckle under the pressure of Euro-American sanctions, is expected to grow by 3.2% in 2024. Details.

Russia 2024: growth of 3.2% for this BRICS founding country

This is a tough pill to swallow for Western powers. But for the BRICS, it represents a huge publicity win. In its report published last Tuesday, the IMF revealed that Russia is faring better than Western countries in 2024. Russia’s economy is expected to experience growth of 3.2%, outperforming that of several global economic powers that were expecting this BRICS founding country to falter.

Yet, Russia has been cut off from the main global markets for over 2 years now, undergoing a series of economic sanctions since then. Surprisingly, in 2023, its economy experienced growth of 3.6%, exceeding that of the United States and Europe.

The 3.2% growth predicted by the IMF for Russia in 2024 puts the EU and the USA in an uncomfortable position. Russia, which boasts the largest national territory in the world, can now also boast about having ridiculed the Western powers.

BRICS expected to gain more memberships in 2024

In 2001, the economist Jim O’Neill, the originator of the idea of the BRICS, predicted that the cumulative growth of the BRICS would outstrip that of the six largest advanced economies by 2040. Today, the success of the insubordinate dollar front can no longer be hidden. The BRICS are quickly advancing in the reform of the international economic order.

The IMF’s economic outlook for Russia reinforces the attractiveness of the insubordinate dollar front. Several countries could join the coalition to take advantage of the economic strengths and performance of its members. But are Vladimir Putin’s country’s achievements sustainable in the long term?

Russia is the world’s leading exporter of oil and natural gas, the second-largest producer of natural gas, and the third-largest producer of oil. Alongside China, India, Brazil, South Africa, and other BRICS member countries and their assets, there is little risk of it getting bogged down. The end of the dollar’s hegemony may be closer than ever.