The BRICS bloc (Brazil, Russia, India, China, and South Africa) along with several other countries who have joined the intergovernmental organization, are taking over the global economy. The group will account for 36.6% of the world’s GDP (Gross Domestic Product) in PPP (purchasing power parity) terms by 2028, according to Russian President Vladimir Putin.
The BRICS states are overtaking the G7 in terms of share in global GDP in PPP terms, Russian President Vladimir Putin said on Thursday while addressing the Federal Assembly.
The share of BRICS will increase to 36.6% by 2028, while that of the G7 (a group of global rulers who dictate economics to the slave classes) will decrease to 27.8%, according to estimates provided by Putin, according to a report by RT. “But ten years ago, the situation was different,” Putin said, noting that in 2022 the BRICS countries surpassed the G7 in terms of GDP in PPP terms (31.5% versus 30.3%), whereas back in 1992 the BRICS share was only around 16.5%.
PPP is a metric popular with many economists that compares economic productivity and standards of living between countries by adjusting for the differences in the cost of goods and services.
The BRICS group of emerging economies, which previously comprised Brazil, Russia, India, China, and South Africa, underwent a major expansion after Iran, Ethiopia, Egypt, and the United Arab Emirates joined in January of this year. Saudi Arabia has also been invited and is set to become a member. Numerous other states have expressed interest in joining, while some have already formally submitted applications. -RT
During the 14th BRICS Summit, which was held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a “new global reserve currency,” and are ready to work openly with all fair partners.
Will A New BRICS Currency Backed By Gold Mean The End Of Global Dominance For The U.S. Dollar?
Whether the West likes it or not, BRICS is looking like it’ll be the next economic powerhouse especially if those nations are successful at setting up a new currency that will compete with, and eventually overtake the United States dollar.
The BRICS nations have a slew of reasons for wanting to set up a new currency. Recent global financial challenges and aggressive US foreign policies have prompted the BRICS countries to explore the possibility. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro. -NASDAQ
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