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Japan Loses Its Spot as World's Third-Largest Economy as It Slips Into Recession
(www.bloomberg.com)
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this post was submitted on 15 Feb 2024
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Japan, and Germany need to drop further. Would be nice if Russia, Indonesia and Brazil took their place.
That's pretty likely to happen in the next few years. I expect BRICS economies to continue growing while G7 ones will keep shrinking. The underlying factors driving these trends are unlikely to change.
while i agree with this, which underlying factors would you say are you basing this on?
Not OP, but I think the BRICS+ are seeing continued development of productive forces (e.g. BRI; financing via the BRICS new development bank for industrial development [and not predatory credit issued for the purposes of lowering prices of export commodities thus stifling development]), while the G7 is unable to break free from neoliberal post-industrial services which have very limited real economic benefit, and in the case of Germany and presumably other west European countries, actively deinduatrializing.
I can't point to exact sources but this is Michael Hudson's bread and butter.