The BRICS group of countries, initially consisting of the economies of Brazil, Russia, India, China, and South Africa, has considerably extended its share of the global economy since the association was created back in 2006. According to new data from the World Bank, processed by Sputnik, BRICS’ share in the world’s economy has grown almost 10% and is a real rise of the bloc in the modern world.
In 2006, its members collectively accounted for 27.15% of the global economy, while in 2023, that number surged to 36.8%. On the other side of the coin, this reduces the weight of the G7 economies-perhaps some of the most advanced economies in the world-from 36.7% in 2006 to a mere 29% in 2023. This serves as an apt illustration of the increasing economic heft of BRICS and the growing contribution of emerging markets to global growth.
BRICS was launched as an intergovernmental association back in 2006, with the idea of increasing economic cooperation among its members. It added several new countries over time to its bloc and further strengthened its global impact. In 2024, under the rotating chairmanship of Russia, BRICS expanded its membership to include key countries like Egypt, Ethiopia, Iran, and the UAE.
Though Saudi Arabia has not declared its membership, the Kingdom actively participates in BRICS meetings and underlines its interest in the bloc’s initiatives.
Growing visibility of the BRICS speaks volumes of the shifting dynamic matrix in the global economy. As emerging markets keep on outpacing traditional economic powers, BRICS’ rise indicates the broader trend of moving away from the Western-dominated economic structures like the G7.
Currently, the organization’s members are significantly contributing to the global decision-making process, starting with trade and finance issues and ending with sustainable development. The bloc is increasingly relevant, signaling a future where emerging economies will be heard more in shaping the international economic order.
As BRICS goes ahead to expand its influence in world matters, further updates and deeper insights will follow on our platform into how this potent economic grouping is reshaping the global landscape.
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