The rapid rise of the BRICS is transforming the global economy, with the group’s share of world GDP in terms of purchasing power parity (PPP) set to rise well beyond of that of the Group of Seven (G7) major advanced economies, Bloomberg reported this week.

BRICS currently comprises Brazil, Russia, India, China, and South Africa, but the group will be joined in January by Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.

The G7 club of industrialized and developed countries consists of the USA, Canada, Great Britain, France, Italy, Germany, and Japan. The report indicated that the expanded BRICS are already larger than the G7.

In 2022 the bloc accounted for 36% of the global economy, versus 30% for the advanced economy group.

The expanded BRICS economic group will contain some of the world’s largest oil exporters, namely Saudi Arabia, Russia, UAE and Iran, as well as some of its biggest importers – China and India.

If it [BRICS] succeeds in shifting some settlement of oil transactions toward other currencies, that could have a knock-on effect on the share of the dollar in international trade and global foreign exchange reserves.

The BRICS members have been working actively to abandon the greenback in their trade.

While highlighting the advantages of BRICS, such as its size, diversity and ambition, the report also pointed out some of the challenges facing the group.

This includes China’s economic slowdown, the inability to shift away from the petrodollar in the near future, as well as a ‘reluctance’ to promote a single alternative.

The BRICS will change the world, but perhaps more because of their rising share of GDP and divergent political and economic systems than through the realization of policymakers’ grand plans.

RT. com / ABC Flash Point News 2023.

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Darth Fester
Darth Fester
13-11-23 00:07

China’s economic slowdown, the inability to shift away from the petrodollar in the near future, as well as a ‘reluctance’ to promote a single alternative.” Typical Bloomberg nonsense. China’s slowdown?

Their growth rate will make the Murkan Monkey Empire look sick and anemic by comparison. Inability to shift from the petrodollar???? LOL!!! These scribblers are not keeping up with current affairs 😛 Single alternative?

Why should the replacement for the corrupt petrodollar be a single currency? Such a lack of imagination from these robber-baron gangsta-globalist financial-media scribblers.

13-11-23 00:25

BRICS, RIGHT ON TOP: No doubting it🇷🇺🇨🇳❤️❤️💪💪

13-11-23 00:37

India has a foot solidly in G7. India is already pro Israel, anti China but takes advantage of Russia low energy prices, then resells it to Europe for huge profits, another type of laundry. India has a growing powerful diaspora in US, UK, Canada. Should India be in BRICS.