The global economic landscape is witnessing a seismic shift as the BRICS economic alliance continues to gain momentum. Comprising Brazil, Russia, India, China, and South Africa, the bloc’s collective GDP now accounts for over 36% of the world’s total GDP, signaling a significant power shift away from traditional Western dominance. This dramatic growth has been fueled by recent expansions and strategic economic moves, positioning BRICS as a formidable player on the global stage.
A key driver of BRICS’ expanding economic footprint has been its ability to attract new members, with Saudi Arabia and the UAE joining the alliance at the start of 2024. These additions have bolstered the bloc’s economic might, making it an even more formidable force in the global economy. The inclusion of these economic powerhouses is projected to propel the BRICS GDP to unprecedented heights, with forecasts suggesting that the alliance could command up to 40% of the global GDP by 2028.
China, a founding member of BRICS, plays a crucial role in this economic surge. Projections indicate that China’s GDP could surpass that of the United States by the early 2030s, a milestone that would further solidify BRICS’ position as a leading global economic force. This development could have far-reaching implications, potentially challenging the hegemony of the US dollar as the world’s primary reserve currency.
Maksim Reshetnikov, Russia’s Minister of Economic Development, highlighted the significance of these developments at the Russian 2024 BRICS Chairmanship. “According to the results of last year, taking into account the new members of the union, BRICS accounts for more than 36% of world GDP, 22 percent of world trade, and almost half of the world’s population–3.5 billion out of 8 billion people,” Reshetnikov stated. His comments underscore the increasing influence of BRICS in global trade and economics.
Also Read: BRICS Controls 42% Of Global Oil And 72% Of Rare-Earth Metals – A New Era Of Resource Dominance
As the BRICS alliance continues to grow in size and economic power, it is poised to reshape the global economic order. The bloc’s developing native currency, aimed at reducing reliance on the US dollar, could further accelerate this shift. With BRICS featuring two of the world’s top five GDP countries—China and India—and Russia also ranking in the top ten, the alliance’s influence is set to expand even further.
Looking ahead, the global economic rankings in 2030 will be intriguing to watch, especially if BRICS continues to expand its membership and economic influence. The rise of BRICS marks a pivotal moment in global economics, challenging the traditional dominance of Western powers and signaling a new era of multipolar economic governance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
