BRICS Surpasses G7 in 2023 GDP (PPP), Cementing Crypto Dominance

• BRICS Economic Alliance Surpasses G7 in Global GDP
• Expansion of the BRICS Alliance
• BRICS' Increasing Dominance
• A New Global Economic Power
• Emerging Market Century
• Decline of the United States' Economic Dominance
• Looking Ahead: 2024

BRICS Economic Alliance Surpasses G7 in Global GDP

In an evident shift of international power dynamics, the BRICS economic alliance has outpaced the G7 nations in global Gross Domestic Product (GDP) using Purchasing Power Parity (PPP) measures. Consequently, BRICS has become more influential in 2023. The data indicate that the BRICS bloc currently accounts for 32% of the world's GDP, outshining the G7's 30% share predominantly influenced by the United States. This progression underscores the multipolarity the BRICS alliance has consistently strived for.

Expansion of the BRICS Alliance

The expansion announcement at the BRICS 2023 Annual Summit further broadened these figures. Notably, nations such as Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia are set to become part of the burgeoning alliance.

BRICS' Increasing Dominance

The year 2023 bore witness to the escalating prominence of the BRICS alliance. History was made when the bloc increased its membership footprint, inviting six nations to join its collective. Further, it successfully revived its de-dollarization plans during the year, leading to a rise in its local currency usage in global trade.

A New Global Economic Power

This progression resulted in a momentous event, positioning the alliance's ascension at the forefront. In 2023, the BRICS bloc outdid the G7 nations in Global GDP (PPP), making it more economically influential. The alliance's share of global GDP peaked at 32% by the end of the year.

Emerging Market Century

Research from UK-based Acorn Macro Consulting reveals that BRICS countries have a more significant share of the global economy than the G7 nations. The analyst Richard Dias presented a chart highlighting the GDP disparity. Predictably, the gap between these blocs is projected to widen in the forthcoming years, especially with the ongoing expansion efforts.

Decline of the United States' Economic Dominance

Moreover, since 2014, the United States is no longer the world's largest economy, a title now held by China according to the International Monetary Fund (IMF). The IMF recorded China's GDP (PPP) at a leading $30 trillion, with the US trailing behind at $25 trillion.

Looking Ahead: 2024

The year 2024 is set to be a crucial year for the alliance in terms of expanding economic disparities. The five new potential member states could bring considerable economic benefits to the increasingly powerful alliance. Conversely, the G7 seems devoid of a clear strategy to recapture the top GDP spot globally.

Edited by Jonathan Stoker