BRICS surpasses the Group of Seven in economic influence

Abigail Brewer 2 years ago 2 min read

by RT

Diagram provided by Richard Diasprofessional Acorn Macro ConsultingIt is a macroeconomic research firm headquartered in United kingdomshowing the continuous growth of brix Compared with the G7 It is expected that the gap will increase in the coming years.

According to the data provided, BRICS countries now contribute to 31.5% of global GDP, while G7 countries are represented 30.7%.

The growth of the Chinese economy gave the bloc a significant boost, surpassing the United States’ gross domestic product, measured with purchasing power parity (PPP) in 2014.

growing group

experts point out The economic influence of the BRICS countries could increase in the short term due to the increasing number of countries expressing interest in joining the group. in this context, Anil SoklalAmbassador South Africa Prior to BRICS, he stated in February that this year would be crucial for the expansion of the bloc and that criteria for accepting new members had already been worked out.

So far, like countries IranAnd AlgeriaAnd Argentina And Türkiye have expressed interest in joining the BRICS, while Kingdom of Saudi ArabiaAnd Egypt And Bangladesh They even got shares in New Development BankCluster Finance Organization.

common currency

For his part, the Russian Foreign Minister said, Sergey LavrovAnd communication in January than at the BRICS summit, which will be held in South Africa in August, The idea of creating a common currency will be discussed. Lavrov stressed that “self-respecting countries are well aware of what is at stake, and see the impotence of the owners of the current international monetary and financial system and want to create mechanisms to ensure sustainable development free from foreign dictates.”

Note originally published April 9, 2023 in RT.