New Delhi : Financial expert company EY India has recently given predictions regarding the current season of EY Economy Watch. On the basis of which it has been revealed that the BRICS+ group of countries like India, China and Russia seems to be rapidly increasing its share in global commodity export and import. Besides, it is also being said that this group can surpass even the G7 group.
The share of the BRICS+ group in global commodity exports is expected to increase from 10.7 percent in 2000 to 12.6 percent to 23.3 percent in 2023. On the other hand, the share of the G7 group in global exports has fallen by 16.2 percent from 45.1 percent to 28.9 percent in the same period. The share of the rest of the world has remained largely stable during this period with a slight increase from 44.2 per cent to 47.9 per cent.
largely stable
The report said this means that broadly it is the BRICS+ grouping that has replaced the G7 grouping in terms of share in global commodity exports. The same pattern is visible in the case of share in commodity imports. While the share of the BRICS+ group has increased from 7.2 percent in 2000 to 18.9 percent in 2023, the share of the G7 group has fallen from 49.8 percent in 2000 to 33.7 percent in 2023. Once again, the rest of the world's share has remained largely stable, increasing marginally from 43.0 percent to 47.4 percent.
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Competition with the G-7 group
The report said that the importance of the BRICS+ group of countries is continuously increasing in terms of the size of the economy and their share in global exports and imports. The BRICS+ grouping will compete as well as cooperate with the G-7 grouping to determine world economic policy.
Global Commodity Export
DK Srivastava, Chief Policy Advisor, EY India and Member of the 16th Finance Commission Advisory Council, has said that considering the current trends and the possibility of many new members joining the BRICS+ grouping, the share of BRICS+ in global commodity exports will increase by 2026. Can overtake the -7 group.
Importance of BRICS+ group
The leading role of the G-7 in the management of global economic affairs is likely to be questioned, as the importance of the BRICS+ group is increasing in terms of global population, world gross domestic product (GDP) and share in world trade.
(with agency input)
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