- The BRICS Has Overtaken The G7 In Global GDP
by Chris Devonshire-Ellis, https://www.silkroadbriefing.com/
The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue.
The BRICS currently include Brazil, Russia, India, China and South Africa, while the G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.
The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joined the BRICS New Development Bank, with numerous other countries poised to do the same.
A real shake up is also to be expected these coming days with Mexico, long part of the North American free trade bloc NAFTA (now superseded by the Canada-United States-Mexico Agreement (CUSMA) agreement) poised to join BRICS. That will be seen as a direct affront to Mexico’s US relations and a sign that global economies, even on America’s border, are having serious doubts about the US ability to trade on fair and equal terms.
The current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. The BRICS is expected to contribute over 50% of global GDP by 2030, with the proposed enlargement almost certainly bringing that forward. China’s GDP actually overtook that of the United States in 2015 when comparing economies in purchasing parity terms.