BRICS+ dominates workforce, trade in ’24 – SPIEF

The ever-changing global landscape is witnessing a significant shift from the West to the East and Far East, with BRICS+ countries representing nearly 30 per cent of the world’s workforce, said Egypt’s Minister of Planning, as per a Cabinet report on Thursday.

At the 27th St. Petersburg International Economic Forum (SPIEF), Minister Hala al-Saeed stated that BRICS+ accounts for 45 per cent of the world’s population, 25 per cent of global trade, 40 per cent of global oil production, and 28 per cent of global GDP.

She also highlighted the International Monetary Fund’s (IMF) forecasts for global trade growth in 2024 and 2025. These forecasts indicate an upward trend, with growth expected to reach 3.3 per cent in 2024 and 3.6 per cent in 2025.

al-Saeed pointed noted to the significant growth in trade between BRICS+ countries, which exceeded $350 billion in 2022. She also noted that Egypt’s trade volume with the global market has exceeded $100 billion.

The minister added that Egypt’s export to GDP ratio rose from 6.7 per cent in 2015 to 10.7 per cent in 2022, while the ratio of Egyptian service exports to GDP has reached 5.7 per cent in 2022.

She highlighted Egypt’s strategic location and ambition to be a trade and logistics hub, backed by significant infrastructure investments totalling over 10 trillion Egyptian pounds.