BRICS On Route to Dominate 45% of Global GDP: Impact on Crypto Market

• BRICS Economic Alliance Gains Momentum: GDP Forecasted to Hit 45% by 2040
• Expanded Alliance Sets the Stage for Massive Economic Impact
• Shifting the Global Power Balance
• Projected Growth Amid Technological Advancements
• Shaping the Future of Global Economics

BRICS Economic Alliance Gains Momentum: GDP Forecasted to Hit 45% by 2040

The BRICS economic alliance is gaining prominence due to its increasing size and influence. Currently, the BRICS' gross domestic product (GDP) is projected to attain a world-leading 45%. This collective appears to be engaging in a trend reversal, challenging the G7 countries. Furthermore, this trend is predicted to significantly modify the global power balance by 2040.

Expanded Alliance Sets the Stage for Massive Economic Impact

The 2023 annual summit made headlines when the economic alliance announced plans to expand to include six more nations. This growth is anticipated to wield extensive economic impact. Nations such as Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia are expected to formally join the BRICS+ collective at the commencement of the following year.

Shifting the Global Power Balance

Throughout the current year, BRICS has effectively altered the narrative on the global power balance by openly supporting its de-dollarization efforts. This strategy has challenged the global dependence on the US dollar and the position of the West in international economic stability. Now, the BRICS nations' GDP share is forecasted to attain a world-leading 45%. This prediction is based on recent reports observing a shift in GDP trajectory which could lead to a dramatically different world by 2040.

Projected Growth Amid Technological Advancements

The report indicates, An expanding workforce and ample room for technological catch-up will boost the BRICS+ share to 45% by 2040. It further highlights that compared to the 21% for G7 economies, there will effectively be a reversal in relative size between BRICS+ and the G7 from 2001 to 2040.

Shaping the Future of Global Economics

The ongoing developments point towards a rapidly evolving global economic landscape. This shift is attributed to the growing relevance of the BRICS economic alliance. As the alliance continues to grow, the global power balance is likely to deviate from Western dominance, an effect that could be amplified by the potential introduction of a BRICS currency.

Edited by Jonathan Stoker