BRICS vs G7 Countries: A Comparative Analysis of their GDP

Jonathan Stoker Jan 25, 2024, 15:50pm 628 views

BRICS vs G7 Countries: A Comparative Analysis of their GDP

Comparative Analysis: BRICS and G7 Economies

The BRICS alliance, a group of nations with rapidly expanding economies, is showing a significant GDP growth that is beginning to rival that of the G7 countries. This shift is causing apprehension as it indicates that the developing BRICS economies might pose a challenge to the traditional western economic power held by the G7 countries. Tensions are escalating between these two blocs, with BRICS seeking to undermine the dominance of the US dollar.

Impact of BRICS Abandoning the US Dollar

If BRICS decides to stop using the US dollar for trade, numerous sectors in the US could potentially face severe consequences. BRICS' increasing gold acquisitions in 2024 suggests a significant shift away from dependence on the US dollar.

Examining GDP: BRICS vs G7 Countries

In this section, we will delve into a direct comparison of the GDP numbers of BRICS and G7 members, highlighting the changing dynamics of the global economy.

China and India's GDP in the Global Economy

China, with a striking GDP of $19.3 trillion, represents 18% of the global economy. India follows suit with a GDP of $3.7 trillion, making up 4% of the world's economy. The US, on the other hand, retains the largest share with $28.6 trillion, accounting for 25% of the global economy.

BRICS vs G7 GDP: The Numbers

As of 2024, the combined GDP of BRICS stands at $29,064 trillion, constituting 27.94% of the global economy. In contrast, the G7's GDP amounts to $45,916 trillion in the same year, accounting for 43% of the world's economy.

Conclusion: Where BRICS Stand Against G7

BRICS's GDP lags by 15.06% when compared to the G7 countries. Furthermore, in terms of the total GDP, BRICS is behind by $16,852 trillion compared to the G7 nations. The global economic landscape is undoubtedly in flux, and these statistics emphasize the growing influence and potential of BRICS nations on the world stage.

Edited by Jonathan Stoker

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