While the G7’s economic dominance steadily wanes, BRICS nations are flexing their collective muscle like never before. The numbers tell a story that’s hard to ignore – BRICS economies are set to exceed 50% of the global economy by 2030, leaving traditional powerhouses in their dust.
With a GDP of $25.85 trillion in 2022, they’ve already surpassed the US. Not too shabby for a group once dismissed as mere “emerging markets.”
The contrast couldn’t be starker. While BRICS nations are charging ahead with a projected 3.6% growth rate in 2024, the G7 is limping along at a measly 1%. Remember when the G7 controlled 45.5% of global GDP back in 1992? Those days are gone.
The economic tides are turning: BRICS nations surge forward while G7’s once-mighty share of global GDP continues its steady decline.
Their share has shriveled to 29.3% in 2023, while BRICS now commands 37.4% of global GDP. Trade barrier elimination remains crucial to maintaining this momentum, according to Russian Finance Minister Siluanov.
China, the heavyweight champion of BRICS, is flexing the hardest. With a GDP of $16.86 trillion in 2021, it’s practically carrying the team on its shoulders. The country’s growth is expected to slow to 4.6% in 2024 compared to 5.2% in 2023.
India, the group’s second-largest economy, is no slouch either. Though its $3.2 trillion economy looks tiny compared to China‘s, it’s projected to outpace Chinese growth in the coming decade.
The BRICS club is getting popular – 34 countries are practically begging to join. They smell opportunity, and who can blame them?
BRICS dominates energy markets, metals, and food supplies. They’re responsible for 25% of world exports and show no signs of slowing down.
But it’s not all smooth sailing. Political tensions, uneven growth among members, and the constant shadow of global economic uncertainty keep things interesting.
Still, the trajectory is clear: BRICS and G7 economies are on track to reach parity at $100 trillion by 2045. The old economic order is changing, whether the West likes it or not.
The question isn’t if BRICS will reshape global economic governance – it’s when.
