In a significant shift in global economic dynamics, BRICS — comprising Brazil, Russia, India, China, South Africa, and new memebers including Egypt, Ethiopia, Iran and the United Arab Emirates — has surpassed the G7 nations in terms of global GDP share (PPP), as per a report by KASB. As of 2023, BRICS holds a 36.9% share of global GDP, while the G7’s share has declined to 29.9%, according to IMF data.
China, the largest economy within BRICS, contributes over 70% of the group’s total GDP, playing a crucial role in this economic transformation. In 2022, China’s trade with other BRICS countries reached USD 490 billion, driven by strong partnerships in energy, infrastructure, and technology.
BRICS countries have launched several joint financial initiatives, including the New Development Bank (NDB), which has funded over USD32bn in projects as of 2023, with a significant portion coming from China.
As BRICS continues to expand its role on the global stage, it advocates for a more balanced economic order, highlighting the importance of collaboration among emerging economies.
