NewsRescue
According to calculations based on worldwide data, the inclusion of six new member countries will catapult the BRICS group of countries far ahead of its largest adversary, the G7, in economic terms.
BRICS now comprises of Brazil, Russia, India, China, and South Africa, but Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will join in January.
According to RBK and TASS, the aggregate gross domestic product (GDP) of the expanded BRICS in terms of purchasing power parity (PPP) will be approximately $65 trillion. This would increase the EU’s share of global GDP from 31.5% to 37%.
Furthermore, with the inclusion of the new members, the BRICS countries will account for about half of global food output. By 2021, the group’s wheat crop would account for 49% of the global total. The G7 has a 19.1% share. BRICS will also have a competitive advantage in the manufacturing of metals required in the high-tech industry. The 11 nations will control 79% of world aluminum output, compared to the G7’s 1.3%. In the case of palladium, the BRICS outnumber the G7 by 77% to 6.9%.
The expanded BRICS will account for around 38.3% of global industrial production, compared to 30.5% for the G7. However, the latter will maintain its export edge, with a share of 28.8% versus 23.4%.
Among the new BRICS members, Saudi Arabia has the greatest economy. Its GDP in dollars was predicted to be $1.1 trillion at the end of 2022. Meanwhile, the UAE, as a large exporter, will be a strong addition to the bloc. Its goods exports in 2022 will total over $600 billion.
The 11 BRICS countries will collectively account for 48.5 million square kilometers, or 36% of the world’s land area. This is more than double the G7 average. The combined population will be 3.6 billion, accounting for 45% of the world’s total and more than four times that of the G7.
