Led by China, India, the 5 BRICS nations now contribute more to world GDP than industrialised G7

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Last Updated05/04/2023

Data shows that, beginning 2020, the BRICS nations as a whole now contribute more towards global Gross Domestic Product (GDP) than the G7 industrialised nations do, in terms of purchasing power parity (PPP).

The International Monetary Fund’s (IMF) GDP data across countries over time depicts that since 1992, there has been a steady decline in the share of the G7 in global GDP, and an equally steady rise in the contributions of the BRICS nations.
By 2019, the contributions of the two groupings had become nearly equal, with the G7 contributing 31.5% to global GDP, and the BRICS accounting for 30.7%.
It was in 2020, however, that the G7-BRICS dynamic flipped. That year, the BRICS (31.4%) overtook the G7 (30 per cent).
Expansion: The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joinedthe BRICS New Development Bank, with numerous other countries poised to do the same.

COVID-19 Pandemic
Russia-Ukraine War
Macroeconomic stability (responsible monetary policy, decreased sovereign debt, increasing international reserves)

The combined economies of Brazil, Russia, India and China (BRICs) could emerge as a dominant economic block in the world.
The growth increases the opportunities for economic and political influence in order to:
- Strengthen and reform the multilateral system, including international economic organizations, to ensure that it is more inclusive, democratic and representative
- To enhance participation of developing countries and states with emerging markets in the process of international decision-making

Change the world economic system-BRICS is actively involved in the efforts to change the world economic system by increasing the number of non-Western states in international financial institutes despite frantic opposition by the traditional distributors of world money.
New Development Bank and Currency pool-The BRICS countries decided to create the $100 billion BRICS Development Bank and a reserve currency pool worth over another $100 billion to offer an alternative to countries in the non-Western world when it comes to choosing the sources of funding for development or coping with serious economic crises.
Alternative to West-The current crisis in Ukraine will consolidate BRICS as the group will make further efforts to become a real alternative to the West to create a real multipolar world.

Socialist Tendencies-Brazil, which represents Latin America and has strong left socialist tendencies, disagrees with the West on social issues.
Abetting the old order-The situation in South Africa where the local communists belong to the ruling coalition while the West is accused of abetting the old order.
Repelled by moral values-In Russia and India, people are not so much repelled by the political as by the moral values of the West.