Fact Check: BRICS countries accounted for 40% of the global economy.

Fact Check: "BRICS countries accounted for 40% of the global economy."

What We Know

The claim that BRICS countries account for 40% of the global economy is supported by data from the International Monetary Fund (IMF). According to a report released in April 2024, BRICS countries collectively accounted for approximately 40% of the global economy when measured by Purchasing Power Parity (PPP) in 2024, with projections indicating that this figure could rise to 41% by 2025 (source-2).

The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has been noted for its significant economic growth and increasing influence on global markets. The group's combined GDP has been projected to outperform the global average, with BRICS economies achieving a growth rate of 4% in 2024 compared to a global average of 3.3% (source-2).

Analysis

The assertion that BRICS countries account for 40% of the global economy is corroborated by multiple credible sources, including the IMF, which is a leading authority on global economic data. The IMF's methodology for calculating GDP using PPP is widely accepted and provides a more accurate representation of economic power than nominal GDP, especially for emerging economies (source-2).

Furthermore, the World Economic Forum notes that the BRICS nations are home to over 40% of the global population, which contributes to their significant economic footprint (source-1). The bloc's influence is expected to grow, particularly with the recent addition of new member countries, which could enhance its economic clout and market share in various sectors, including commodities (source-1).

While some sources may present varying figures regarding the exact percentage of global GDP attributed to BRICS, the consensus among reputable economic analyses supports the claim of approximately 40% as accurate for 2024, with an upward trajectory anticipated for 2025 (source-2).

Conclusion

Verdict: True
The claim that BRICS countries accounted for 40% of the global economy is substantiated by credible data from the IMF and supported by analyses from the World Economic Forum. The figures reflect the growing economic significance of the BRICS bloc, which is expected to continue increasing its share of the global economy in the coming years.