BRICS Technology Growth Could Add $656 Billion to Global GDP Annually
BRICS Tech Growth Could Boost GDP by $656B Annually, Report Finds
Asianet Newsable
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A report by Russia's Ministry of Finance and Central University projects that the growth of technology firms in BRICS nations could boost annual GDP by $656 billion. Enhanced cooperation among member countries could yield an additional economic impact of over $2.7 trillion per year.
- 01BRICS nations could contribute nearly 50% of global technology IPOs by 2025, primarily from China and India.
- 02Russia aims to increase its stock market capitalisation-to-GDP ratio to 66% as part of its economic growth strategy.
- 03The development of alternative financial market infrastructure within BRICS could add up to $12 billion annually to economic growth.
- 04The UAE's reforms attracted over 53,000 new investors to its stock market last year, showcasing successful financial integration.
- 05Deeper cooperation among BRICS countries is essential for maximizing economic benefits from technology sector growth.
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A recent report from Russia's Ministry of Finance and Central University highlights that the accelerated growth of technology companies within BRICS nations could enhance the annual gross domestic product (GDP) by up to $656 billion. Furthermore, improved cooperation among these countries could generate an additional economic impact exceeding $2.7 trillion annually. Ilya Ivaninsky, Director of the Center for Business Education and Analytics, presented these findings during a round table at the 29th St. Petersburg International Economic Forum. The report indicates that BRICS countries are expected to account for nearly 50% of global technology company initial public offerings (IPOs) by 2025, although the majority of these listings will be concentrated in China and India. Russia aims to increase its stock market capitalisation-to-GDP ratio to 66%, viewing capital market development as a crucial driver of economic growth. Additionally, Deputy Finance Minister Ivan Chebeskov emphasized the need for better integration of financial infrastructure among BRICS nations, which could lead to significant economic benefits.
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The projected growth in the technology sector could significantly enhance economic opportunities and investment in BRICS nations.
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