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The BRICS bloc is experiencing a meteoric rise in economic influence, with projections indicating that its collective GDP could surpass half of the world’s economic output in the next 10 to 15 years. Russian Deputy Prime Minister Alexander Novak recently emphasized this growing prominence, highlighting that BRICS’ share of global GDP, currently around 35%, continues to expand each year. The expansion of BRICS reflects a strategic shift in global economic power, challenging the Western-dominated economic institutions.
Initially composed of Brazil, Russia, India, China, and South Africa, BRICS has expanded its membership in 2024 to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. This enlargement strengthens the bloc’s geopolitical and economic influence, particularly in energy markets. Saudi Arabia and the UAE, as key oil producers, bring significant clout to the group, while Iran adds strategic energy and trade links. Egypt and Ethiopia bolster BRICS’ representation in Africa, signaling a shift toward a more inclusive global governance model that amplifies the voices of the Global South.
This expansion is not only about geographical reach but also about economic weight. As of 2024, BRICS economies account for 37.3% of global GDP based on purchasing power parity (PPP), surpassing the G7’s share of 30%. China alone represents nearly 20% of global GDP, while India contributes 8.23%. In comparison, the United States and the European Union each represent approximately 14.5%. Although the G7 leads in nominal GDP, with a 44% share, BRICS is making significant strides, especially when adjusted for cost of living.
The growing influence of BRICS is reshaping global economic dynamics, with the bloc positioned to generate a substantial portion of global GDP growth in the foreseeable future. Russian President Vladimir Putin, during the BRICS Business Forum, underscored this point, stating that the majority of global economic expansion will come from BRICS countries. With vast populations, abundant natural resources, and rapidly developing industries, the bloc is well-poised to redefine the global economic order.
Also Read: BRICS Could Respond to Trump’s 100% Tariff Threat with Countermeasures, Escalating Trade Tensions
As BRICS continues to expand and solidify its economic footprint, questions about the inevitability of its dominance remain. With an increasing share of global GDP and a broader geopolitical presence, the BRICS bloc is on track to reshape global power structures in the years to come.
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.
Crypto and blockchain enthusiast.
