BRICS Economic Influence Surpasses G7
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BRICS Economic Influence Surpasses G7
- The BRICS group, including its newest members, now accounts for approximately 35% of the world's GDP based on purchasing power parity.
- The expansion of BRICS in January 2024 saw the addition of Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia formally joining in January 2025.
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The BRICS group, an intergovernmental organization initially formed by Brazil, Russia, India, and China, has seen its global economic influence grow significantly, particularly after its expansion in early 2024. South Africa joined the group in 2010, leading to the acronym BRICS.
As of January 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates became full members, increasing the bloc’s membership. Indonesia formally joined in January 2025. Saudi Arabia was also invited and is considered part of the organization by some official sources, though its official confirmation has been inconsistently described. The expanded group, sometimes informally referred to as BRICS+, collectively represents more than a quarter of the global economy and nearly half the world’s population.
In terms of economic output measured by purchasing power parity (PPP), the expanded BRICS+ now accounts for approximately 35% of the world’s GDP. This figure has surpassed the G7’s share, which sits in the high-20s. Some reports indicate that BRICS contributed 31.5% of global GDP in 2020, while the G7’s share was 30% in the same year. Projections suggest that BRICS could contribute over 50% of global GDP by 2030.
The G7, an informal group of advanced economies, includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union also participating. While the G7 still maintains dominance in global financial markets and nominal GDP, the BRICS nations are rapidly increasing their share of global production and trade. The BRICS group aims to foster economic cooperation and create an alternative to Western-dominated global institutions. They have established multilateral institutions like the New Development Bank and the BRICS Contingent Reserve Arrangement to support these goals.