According to recent reports from Russian media outlets, the BRICS group of countries is set to surpass its major rival, the G7, in terms of economic power with the addition of six new member states. Currently comprised of Brazil, Russia, India, China, and South Africa, BRICS will welcome Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates in January next year. These new additions will significantly increase the bloc’s total gross domestic product (GDP) and expand its dominance in various industries.
Calculations based on global data indicate that the combined GDP of the expanded BRICS, measured in terms of purchasing power parity (PPP), will reach approximately $65 trillion. This will raise the bloc’s share of the global GDP from the current 31.5% to 37%, surpassing the G7’s share, which currently stands at around 29.9%. The gap between the two groups will further widen once the six new members join.
In addition to economic power, the expanded BRICS will also dominate the global food production and high-tech industries. The group’s wheat harvest in 2021 accounted for 49% of the world’s total production, whereas the G7 only produced 19.1%. BRICS will also have a significant advantage in the production of metals used in the high-tech industry, such as aluminum and palladium. The 11 nations will account for 79% of global aluminum output and 77% of palladium production, in contrast to the G7’s much smaller shares of 1.3% and 6.9%, respectively.
Furthermore, the expanded BRICS will have a substantial share of the world’s industrial production, accounting for approximately 38.3%, compared to the G7’s 30.5%. However, the G7 will maintain an advantage in terms of exports, with a share of 28.8% versus 23.4% for BRICS.
Among the new members, Saudi Arabia will have the largest economy, with a GDP estimated at $1.1 trillion by the end of 2022. The United Arab Emirates will also be a formidable addition to the bloc due to its status as a major exporter, with goods exports totaling nearly $600 billion in 2022.
In terms of land area and population, the 11 BRICS countries will collectively account for 48.5 million square kilometers, representing 36% of the world’s land area, and have a combined population of 3.6 billion, representing 45% of the global total.
The expansion of BRICS heralds a new era of economic dominance for the bloc, with its combined economic power set to surpass that of the G7. As the new members join, BRICS will solidify its position as a major force in global economics and exert a significant influence on various industries. The increased economic power and resources of the expanded bloc will have far-reaching implications for global trade and geopolitics.
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