BRICS is growing faster than anticipated and is having a positive influence on many countries that want to move away from the influence of the West.
BREAKING: BRICS to invite 6 new members in January 2024 (Check the countries)
The BRICS nations Brazil, Russia, India, China, and South Africa have reached an agreement to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE to become full members of BRICS. If these countries accept the invitation, they will become members from January next year.
This move by the BRICS to extend an invitation to the six countries has been described as a logical outcome. If the BRICS gets India to join their BLOC team they would benefit. It’s just a simple statistic given the size of the economy that joins. But there is one curiosity and that is the EU covering and driving technological standardization, and sustainability in production.
Should economies such as (IL, NZ, TR, etc.) join the BRICS, their total GDP will go above 60% of the World’s GDP. This can negatively impact the G7 and its allies.
The BRICS is becoming a major block that is already standing shoulder to shoulder-with the G7. A careful look at G7 vs. BRICS contribution to global GDP (PPP) growth shows that the BRIC countries are narrowing the gap.
READ: US Dollar Under Threat As Chinese Yuan Grows Stronger in Global Trade
G7 vs BRICS contribution of global GDP (PPP) growth.
Current statistics show that the total contribution of global GDP by G7 countries so far in 2023 is 29.9% while that of the BRICS nations is 31.2%. This is making BRICS an important new power in the global economy. As more and more countries join the BRICS, its impact on world trade, business, and politics will become more obvious.
1995
G7 (🇨🇦 🇫🇷 🇩🇪 🇮🇹 🇯🇵 🇬🇧 🇺🇸): 44.9%
BRICS (🇧🇷 🇷🇺 🇮🇳 🇨🇳 🇿🇦): 16.9%
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2002
G7 (🇨🇦 🇫🇷 🇩🇪 🇮🇹 🇯🇵 🇬🇧 🇺🇸): 42%
BRICS (🇧🇷 🇷🇺 🇮🇳 🇨🇳 🇿🇦): 19%
2010
G7 (🇨🇦 🇫🇷 🇩🇪 🇮🇹 🇯🇵 🇬🇧 🇺🇸): 34.3%
BRICS (🇧🇷 🇷🇺 🇮🇳 🇨🇳 🇿🇦): 26.6%
2023
G7 (🇨🇦 🇫🇷 🇩🇪 🇮🇹 🇯🇵 🇬🇧 🇺🇸): 29.9%
BRICS (🇧🇷 🇷🇺 🇮🇳 🇨🇳 🇿🇦): 32.1%
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