While the G7 nations dominated global economics for decades, a seismic shift is reshaping the world order. The BRICS nations, once dismissed as mere “emerging markets,” are now flexing their economic muscle in ways that make Western powers nervous. Really nervous.
The numbers tell a striking story. BRICS currently accounts for a third of global GDP at market prices and churns out 43% of the world’s crude oil. They’re sitting on over 70% of rare earth minerals too. Not bad for a group that started as just another economic acronym.
BRICS nations now control a third of global GDP, nearly half the world’s oil, and most rare earth minerals.
With the addition of Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE in 2024, BRICS has transformed into an economic powerhouse that’s impossible to ignore. Their combined GDP of $25.85 trillion in 2022 already surpassed the United States. China, the group’s heavyweight, leads the pack with a GDP of $16.86 trillion. India‘s not far behind, sprinting ahead with the fastest growth rate among BRICS members. The New Development Bank established in 2014 demonstrates their commitment to sustainable development and infrastructure investment.
The future looks even more interesting. By 2030, BRICS is expected to command 40% of the global economy. Meanwhile, Western nations will see their share shrink to a modest 27%. China’s poised to dethrone the US as the world’s largest economy by the late 2020s, and India’s projected to pull the same move around mid-century. The bloc’s growing influence has sparked discussions about reforming global institutions like the IMF and World Bank.
But it’s not all smooth sailing. BRICS faces its share of challenges. The group’s economic disparity is stark – China’s economy dwarfs its partners. Internal tensions simmer, and their institutional foundation remains about as stable as a house of cards.
Brazil, Iran, Russia, and South Africa are projected for slower growth, while China and India sprint ahead. Yet the trend is clear. With a labor force of 1.5 billion people and control over vital resources, BRICS is reshaping global economic power.
They’re pushing for de-dollarization, establishing their own development bank, and increasing intra-BRICS trade. The West’s economic dominance? That’s so last century.
