The Brazil, Russia, India, Indonesia, China, and South Africa (BRIICS) economic bloc experienced a slowdown in 2024, with average real GDP growth declining to 4.1 per cent from 4.3 per cent in 2023. The modest expansion was supported by post-COVID-19 recoveries and structural reforms across member nations, but supply chain disruptions and geopolitical tensions weighed on growth. Inflation eased slightly to 4.1 per cent from 4.3 per cent, while the bloc’s current account balance edged into a surplus of 0.1 per cent, largely due to increased exports.
Brazil saw its economy expand by 3.2 per cent in 2024, up from 2.9 per cent the previous year, buoyed by strong private consumption, investments, and government transfers. Inflation dipped marginally to 4.5 per cent, supported by targeted monetary policies. However, the current account deficit widened to 1.7 per cent of GDP, reflecting higher import demand driven by growing domestic consumption.
Russia maintained steady growth at 3.6 per cent for the second consecutive year, underpinned by high oil and gas prices and government spending. Inflation, however, jumped to 7.9 per cent from 5.9 per cent due to rising commodity prices and supply chain disruptions linked to the Russia-Ukraine conflict. The country’s current account surplus grew slightly to 2.7 per cent of GDP, supported by energy exports.
India’s economy slowed sharply to 6.8 per cent in 2024 from 8.2 per cent in 2023. Analysts attribute the slowdown to a decline in pent-up pandemic demand and softer industrial activity, although agriculture and services remained strong. Inflation fell to 4.8 per cent from 5.4 per cent, while the current account deficit narrowed to 0.5 per cent of GDP thanks to higher service exports and remittances.
Indonesia posted a modest rise in growth to 5.1 per cent from 5.0 per cent, supported by domestic consumption and infrastructure investment. Growth was constrained by weak global demand and falling commodity exports. Inflation eased sharply to 2.3 per cent, but the current account deficit widened slightly to 0.4 per cent of GDP due to higher imports, offset partially by rising exports of mining and manufactured goods.
China’s growth slowed to 4.9 per cent from 5.2 per cent amid persistent challenges in the property sector, weak global trade, and low consumer confidence. Inflation remained low at 0.4 per cent, while the current account surplus improved to 2.1 per cent of GDP, bolstered by strong electronics and consumer goods exports.
South Africa posted 1.0 per cent growth, up from 0.7 per cent in 2023, driven by improvements in the energy sector and investor-friendly reforms. Inflation eased to 4.6 per cent, and the current account deficit narrowed slightly to 1.5 per cent of GDP.
Across Sub-Saharan Africa, economies remained resilient, growing 3.8 per cent compared to 3.6 per cent in 2023. High inflation, rising public debt, and elevated debt servicing costs constrained development spending. South Sudan was an exception, contracting sharply by 26.4 per cent due to internal conflicts. Regional inflation rose to 18.1 per cent, while the current account deficit widened to 3.2 per cent of GDP.
In the East African Community (EAC-5) — comprising Kenya, Uganda, Tanzania, Burundi, and Rwanda — growth rose to 5.4 per cent from 5.3 per cent, supported by agriculture, services, manufacturing, foreign investment, favorable global commodity prices, and a rebound in tourism. Inflation dropped to 4.4 per cent, and the current account deficit improved to 5.1 per cent of GDP. Among member states, Rwanda led with 7.0 per cent growth, followed by Uganda at 5.9 per cent, Tanzania 5.4 per cent, Kenya 4.7 per cent, and Burundi 2.2 per cent.
The Southern African Development Community (SADC) slowed to 2.5 per cent growth from 2.7 per cent, affected by sluggish activity in South Africa and Angola, exacerbated by droughts, power outages, and trade shocks. Inflation rose to 18.1 per cent, and the current account deficit widened to 2.6 per cent. Meanwhile, the West African Economic and Monetary Union (WAEMU) posted a strong 6.2 per cent growth, with inflation easing to 3.2 per cent and the current account deficit narrowing to 6.3 per cent. The Economic and Monetary Community of Central Africa (CEMAC) recorded 3.7 per cent growth, inflation fell to 4.0 per cent, and the current account deficit slightly increased to 0.6 per cent.
Overall, while global growth faced challenges in 2024, including geopolitical tensions and supply chain issues, strategic reforms, rising exports, and sectoral recoveries helped support economies across the BRIICS bloc, Africa, and the East African region.
Njoro Girls’ High School closed indefinitely after death of student
