The drop started from mid-2022 and 2023 and there is a single cause: Russian assets freeze. This led to governments around the world moving their assets from West/AngloSaxon countries. This lack of liquidity put the West in a “hang in there” situation. Economically, it showed up as raising interest rates and politically where things move slower, the emergence of a new coalition.

It’s really as simple as that. But people would like to believe that West GDP is higher than global south GDP by xxx amounts and so all of this couldn’t be possible.

If you want an insight inside their heads, there is a Biden speech after the assets freeze where he declares that the Russian economy/country will collapse in a few weeks under the measures. None of this materialized and their bet have failed which is why Trump is trying to pull the US out of the mess.

Of course all of this is my personal opinion. So take it from the grain in my bag of salt.