BRICS GDP Reaches $31 Trillion With New Members

BRICS GDP Reaches $31 Trillion With New Members


BRICS ALLIANCE 

BRICS is an acronym that represents a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. These nations come together to promote cooperation and collaboration on various economic, political, and social issues. BRICS serves as a platform for discussions on global matters, economic growth, and development, aiming to have a significant impact on the global stage.



BRICS expanded its membership by incorporating six additional nations, bolstering the alliance's financial prowess for global competition. The newcomers to BRICS include Saudi Arabia, the United Arab Emirates, Argentina, Egypt, Iran, and Ethiopia. Notably, five of these countries are major oil producers, with Argentina being the exception. This development places the BRICS bloc in a distinctive position to contest the global dominance of the U.S. dollar. Moreover, the cumulative GDP of BRICS is experiencing substantial growth, significantly outpacing that of the United States.

This growth in the combined BRICS GDP underscores the bloc's increasing economic significance. As a united front, these nations are forging new avenues for trade, investment, and cooperation, challenging the traditional dominance of Western powers. With a diverse set of economies and resources among its members, BRICS has the potential to reshape global economic dynamics and foster a more multipolar world.


Moreover, the inclusion of oil-producing countries among the new members amplifies BRICS' influence in energy markets and geopolitics. It strengthens the bloc's bargaining power and ability to navigate global energy challenges collectively.


As BRICS continues to expand and diversify, it's poised to play an even more pivotal role in shaping the future of global economics, politics, and trade. The world will be closely watching how this evolving alliance contributes to a more balanced and interconnected world order.




The inclusion of new members has propelled BRICS' GDP to reach $30.75 trillion.



The combined overall GDP of the new 11-member BRICS will reach a total of $30.75 trillion in 2023. The U.S. GDP currently stands at $25.5 trillion, and the new BRICS are ahead by $5.25 trillion in that of the United States economy. The BRICS group is more economically powerful than the U.S. and could go further if they capture the global oil markets.


This economic advantage highlights the growing influence of the BRICS bloc on the global stage. With their combined economic might, these 11 nations are reshaping the balance of power in international economics. Their potential to control a significant portion of the global oil markets could further solidify their position and disrupt traditional economic dynamics.As BRICS continues to assert itself as a formidable economic force, it has the potential to redefine international trade, finance, and geopolitics. The world will be closely monitoring how this influential group navigates the evolving landscape, potentially leading to a more multipolar and interconnected global economy.



Below is the updated breakdown of the new BRICS GDP figures as of the August 2023 summit in Johannesburg:


- China: $19.37 trillion
- India: $3.74 trillion
- Brazil: $2.08 trillion
- Russia: $2.06 trillion
- Saudi Arabia: $1.06 trillion
- Argentina: $641 billion
- UAE: $499 billion
- South Africa: $399 billion
- Egypt: $387 billion
- Iran: $367 billion
- Ethiopia: $156 billion


Collectively, these figures add up to an impressive total of $30.75 trillion. This underscores the substantial economic strength of the expanded BRICS group on display during the summit.




This makes the BRICS control 30% of the global economy. In addition, the new BRICS could take the lion’s share of the world’s economy by 2050. Bloomberg predicts that BRICS+ will boast a global GDP equal to 50% of the world’s economy in three decades.





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