BRICS countries, Brazil, Russia, India, China, and South Africa, have surpassed the Group of Seven (G7) in terms of Gross Domestic Product (GDP) based on Purchasing Power Parity (PPP), data published by the UK-based economic research firm Acorn Macro Consulting shows, reports CounterCurrents.
The G7 club of industrialized countries consists of the U.S., Canada, the UK, France, Italy, Germany, and Japan.
The BRICS group comprises 41% of the global population and accounts for 16% of the world’s trade.
According to the British Consultancy, the five BRICS nations now contribute nearly 31.5% of the global GDP, compared to 30.7% by G7 countries. By 2030, the BRICS nations are expected to account for over 50% of global GDP, potentially rising further as the bloc expands.
The West is on target to destroy its energy sector and capitalism.
The IMF foresees negative growth for the UK. At the same time, the U.S. is expected to be the best-performing G7 economy. The growth forecast will be under 2%, far below what we experienced under Donald Trump.
The BRICS’ economies of India and China are expected to drive global growth this year, estimated to grow from five to seven percent.
Russia’s economic growth is expected to reach 2.1% in 2024.
Remember when Biden thought he was going to collapse the Russian economy? Bill O’Reilly kept calling Russia a tiny, insignificant nation that won’t be able to sustain itself under the sanctions. The only countries suffering from sanctions are the countries of the West.
BRICS countries rejected the US-led Western sanctions against the Russian Federation. They’re also evading the sanctions by trading in currencies other than the dollar, which devalues the dollar.
We did that.
Recent additions to the BRICS New Development Bank, such as Bangladesh, Egypt, and the UAE, demonstrate the growth trajectory of the bloc.
Furthermore, Mexico was long part of the North American free trade bloc NAFTA. Now they are poised to join BRICS.
Mexico joining is an insult to the US.
A recent Bloomberg report predicts a significant shift in global economic power, as BRICS nations are on track to surpass the G7 countries in economic growth.
By 2028, the collective GDP of the BRICS countries. is expected to reach nearly 35%. It will be driven by China’s anticipated position as the top source of world growth over the next five years. That is according to the International Monetary Fund (IMF).
China is projected to contribute 22.6% to global GDP growth through 2028, followed closely by India at 12.9%. In contrast, the United States is expected to contribute only 11.3%.
With 75% of global growth expected to be concentrated in just 20 countries, the top four contributors, including China and India, will account for half of the growth.
The G7 nations represent a smaller share, with Germany, Japan, and the UK as the top 10 contributors.
The US made China rich and the US is no longer the big boy on the block.
As the BRICS nations gain more influence on the global stage, they are likely to push for reforms within international institutions. Institutions like the United Nations, World Bank, International Monetary Fund (IMF), World Trade Organization (WTO), and World Health Organization (WHO) will be even more entrenched with the Maoists.
Having Maoists determine the world’s fate is not good, but there’s no stopping it now. Joe Biden put it on speed. Devaluing the dollar and removing it as the reserve currency will leave us with trillions in debt. And we will no longer be able to print money.