The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, has witnessed remarkable growth in its trade activities over the past five years. According to a recent report from Bloomberg, the five current members have increased their trade by an impressive 56% from 2017 to 2022, resulting in a total turnover of approximately $422 billion last year.
The BRICS Trade Surge
In this section, we'll delve deeper into the significant growth in trade within the BRICS group.
BRICS Trade Expansion - A Remarkable 5-Year Journey
Between 2017 and 2022, the BRICS nations have collectively boosted their trade by 56%. This substantial growth is a testament to the strengthening economic ties among the member countries.
BRICS Trade Volume Reaches $422 Billion
The total trade turnover reached a substantial $422 billion in the year 2022. This impressive figure underscores the economic significance of the BRICS group on a global scale.
Expansion on the Horizon
The BRICS group is about to undergo a transformation with the inclusion of new members. Starting in January, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE will become part of this influential group. The decision to admit these new members was made during the August summit held in Johannesburg.
A Glimpse into the Future
In this section, we'll explore the potential impact of the BRICS expansion and its future role in the global economy.
BRICS: A Future Economic Powerhouse
Analyst estimates suggest that the expanded BRICS group will represent nearly half of global output by 2040. This remarkable projection is set to double the share of the Group of Seven (G7), consisting of the US, Canada, UK, France, Italy, Germany, and Japan.
Putin's Assertion: BRICS Outpacing the G7
Earlier this year, Russian President Vladimir Putin claimed that BRICS had already surpassed the G7 states in terms of the purchasing power parity (PPP) of their populations. This assertion showcases the rapid growth and economic prowess of BRICS nations.
In this section, we'll discuss key economic milestones achieved by the BRICS group.
Projected GDP of Expanded BRICS
Experts project that the combined gross domestic product (GDP) of the expanded BRICS, considering PPP, will reach an astonishing $65 trillion. This substantial figure will elevate the group's share of global GDP from its current 31.5% to an impressive 37%.
BRICS vs. G7: A Growing Disparity
In comparison, the G7's share of global GDP stands at around 29.9%. The expanding BRICS group is poised to establish itself as a dominant force in the global economic landscape.
Evolution of BRICS
In this section, we'll explore the origins and evolution of the BRICS group.
From BRIC to BRICS
Originally, the group was known as 'BRIC,' an acronym coined by economists to represent Brazil, Russia, India, and China. These nations were identified as having the potential to dominate the 21st-century world economy. In 2006, South Africa joined the group, leading to the addition of 'S' in the acronym.
Beyond Investment Opportunities
Initially formed to highlight investment opportunities among its members, the BRICS group has evolved into a crucial player in shaping a new "multipolar" world order. This vision aims to empower the Global South and provide them with a more influential voice on the global stage.
The Birth of the New Development Bank
In this section, we'll discuss the establishment and significance of the New Development Bank (NDB) by the BRICS group.
The NDB: A Game-Changer
In 2014, the BRICS group launched its own international lender, the New Development Bank (NDB). This institution was conceived as an alternative to US-dominated financial organizations like the IMF and World Bank. The NDB focuses on providing funding for infrastructure and sustainable development projects.
Opening of the NDB
The bank officially commenced its operations in 2015 and later welcomed Bangladesh, the UAE, Egypt, and Uruguay as new members. The NDB's establishment showcases BRICS' commitment to fostering economic development and financial independence.
In conclusion, the BRICS group's exponential trade growth, expansion, and establishment of the New Development Bank underscore its rising prominence in the global economy. With its expanded membership and ambitious economic projections, BRICS is poised to play a pivotal role in shaping the future of international finance and trade.
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