DLC BRICS countries now have a 30% share of the global economy -

BRICS countries now have a 30% share of the global economy

During this week’s summit, a historic expansion was announced for the BRICS alliance, resulting in the group’s share of the entire global economy reaching the significant milestone of 30%. This expansion was marked by the inclusion of six new countries, notably Saudi Arabia and the United Arab Emirates (UAE), which were formally invited to join the ranks of the BRICS alliance. The repercussions of this move have been profound, leading to a noticeable shift in the global balance of power.

Spanning two days, the summit saw the bloc achieve a remarkable consensus on its expansion strategy. This cooperative effort culminated in the issuance of invitations to six nations, signifying their imminent entry into the alliance within the coming year. This impending enlargement has had a transformative impact on the global economic landscape. With the addition of these new members, the BRICS alliance is poised to encompass nearly one-third of the entire global economy.

This development underscores the increasing influence and collective prowess of the BRICS nations — Brazil, Russia, India, China, and South Africa. As these countries unite and expand their reach, they are redefining the dynamics of global economic cooperation and shaping the direction of international relations. The evolving configuration of the BRICS alliance serves as a testament to the ongoing changes in the global economic order and the growing significance of collaborative partnerships among nations.

BRICS to have 30% of global economy after expansion

The global spotlight was intently focused on the ongoing BRICS summit held in Johannesburg. This event garnered the attention of the geopolitical landscape, as over 40 heads of state were poised to participate. The collective interest of the world was fixated on whether the BRICS bloc would choose to execute a growth plan during this summit. As it turns out, the bloc did indeed make the momentous decision to expand its membership.

In the wake of this expansion, the BRICS alliance is positioned to exert control over a substantial 30% of the entire global economy. This significant milestone was achieved through the issuance of invitations by the bloc to several nations, including Saudi Arabia, the UAE, Iran, Egypt, Argentina, Ethiopia, and Egypt. This expansion has resulted in a reconfiguration of the economic power dynamics within the global collective.

Among the newly welcomed member nations, Saudi Arabia takes the lead with an impressive GDP of $1.06 trillion. Following suit, Argentina and the UAE emerge with GDPs of $641 billion and $499 billion, respectively. Notably, both Egypt and Iran boast GDPs surpassing $360 billion, while Ethiopia reaches an economic output of $156 billion. With the inclusion of these nations, the newly expanded BRICS alliance commands control over a combined 30% of the worldwide economy.

The implications of this expansion are vast and profound within the geopolitical arena. Most notably, the inclusion of Saudi Arabia holds the potential to reverberate through the bloc’s efforts towards de-dollarization, a strategy pursued throughout the year. The prominence of Saudi Arabia’s oil sales, capable of being settled outside the U.S. dollar, aligns with the bloc’s overarching emphasis on promoting the use of local currencies. As the expansion unfolds, it is poised to reshape not only the global economic landscape but also the intricate tapestry of international relations.

Leave a Reply

Your email address will not be published. Required fields are marked *