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BRICS
06.04.23 12:00
Economics

BRICS are expected to contribute more than 50% of global GDP by 2030

The five BRICS members contributed 31.5% of global GDP in 2020

Data from the International Monetary Fund (IMF) compiled by the MeghUpdates platform and verified by Indian newspaper The Print, shows that as of 2020, the BRICS nations as a whole have started contributing more to the global Gross Domestic Product (GDP) than the G7 nations, in purchasing power parity (PPP) terms, as reported by Brasil 247, a partner of TV BRICS.

The five BRICS members (Brazil, Russia, India, China and South Africa) contributed 31.5% of global GDP in 2020, while the G7's share fell to 30% in that year. The BRICS are expected to contribute more than 50% of global GDP by 2030, with the expansion of the bloc almost certainly anticipating this.

"This will usher in significant global change, exactly the sentiment that Chinese President Xi Jinping stated in his parting words to Russian President Vladimir Putin as he departed Moscow back to Beijing," analyses the Silk Road Briefing website.

BRICS member states hold regular summits to discuss political and economic issues of common interest. The association is considered a bloc with growing influence because it represents a group of countries that occupy an increasingly important place in the global economic and political landscape. Together, these countries have the potential to play a significant role in reforming international institutions such as the IMF and the World Bank to better reflect the economic and political power of developing countries.

In addition, the BRICS supports multipolarity and the strengthening of the multilateral system of global governance. The bloc also works to strengthen South-South cooperation in areas such as trade, investment, technology and innovation.

Photo: IStock


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