BRICS' Crypto Evolution: Dominating Global GDP by 2050

• Significant Expansion of the BRICS Economic Alliance
• BRICS: Moving Away From the U.S. Dollar and Towards Global GDP Dominance
• BRICS: Expanding Membership and Influence
• BRICS: En Route to Global GDP Dominance
• BRICS: An Emerging Force in Global Oil Production

Significant Expansion of the BRICS Economic Alliance

In the past year, the BRICS economic alliance has significantly increased in prominence, marking its first massive expansion since 2001 with the inclusion of six additional nations. This expansion further solidifies predictions by Goldman Sachs of the alliance dominating global GDP by 2050. The original BRICS nations were already projected to continue their GDP growth over the forthcoming decades, but these new estimates reveal a larger difference expected to form between the alliance and the rest of the globe.

BRICS: Moving Away From the U.S. Dollar and Towards Global GDP Dominance

2023 is a notable year due to the substantial geopolitical implications brought on by the BRICS alliance. In response to threats of Western sanctions against many of its members, the alliance initiated aggressive de-dollarization initiatives. Alongside these plans, the BRICS alliance also carried out its first significant expansion effort.

BRICS: Expanding Membership and Influence

The alliance extended invitations to six countries to join its ranks during its 2023 Annual Summit. Five of these countries, namely Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia, are expected to accept the invitation, with only Argentina declining the invitation as of 2024.

BRICS: En Route to Global GDP Dominance

Following this expansion, Goldman Sachs anticipates the BRICS alliance will dominate global GDP by 2050. A recent forecast of the top economies by GDP reveals a significant BRICS influence. Indeed, seven of the top 15 GDP countries are projected to be BRICS alliance members. This underscores the continued growth of the countries within the alliance but does not fully illustrate the projected increase in prominence that the bloc is expected to experience over the next few decades.

BRICS: An Emerging Force in Global Oil Production

The alliance already accounts for 43% of global oil production, a figure predicted to continue to grow by 2050. By this year, it is also expected that the world will have a clearer understanding of the implications of the alliance's de-dollarization plans.

Edited by Jonathan Stoker