The prospect of growth has long abounded in the economic alliance, but as the BRICS summit brings the idea of expansion closer to fruition, the bloc could add $2 trillion to its GDP. Indeed, the bloc’s acceptance of countries like Saudi Arabia and Indonesia could catapult the GDP value of the alliance altogether.
Data shows that the BRICS bloc maintains a GPDP of around $27.65 trillion. Moreover, that number places it in rare competition with the G7 countries, and the dominant Western world. However, the expansion of the bloc could change that, bringing forth an immense increase in its combined GDP.
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BRICS Expansion Could Add $2 Trillion to its GDP
The idea of expanding the BRICS bloc has long been rumored. Subsequently, the geopolitical sector has discussed what that expansion could mean for the overarching economic power balance of the world. With countries like China and India growing exponentially, certain inclusions could have an unrivaled impact on the bloc’s economic stats.
Specifically, a BRICS expansion could add $2 trillion to its GDP, depending on which countries they accept. Currently, a host of nations have submitted both formal and informal requests for membership. Among them are some of the largest economies on the globe.
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Currently, China is the largest manufacturing hub on the planet, and it is projected to be the world’s largest economy by the year 2035. Additionally, India is present as one of the fastest-growing economies that the world can observe. Projected to be in the top three by 2027.
Among the countries that have shown interest in joining the bloc, Saudi Arabia and Indonesia stand out. Indeed, both countries offer impressive economic benefits but also bring impressive GDP figures with them. Specifically, Saudi Arabia and Indonesia have GDPs of $1.06 trillion and $1.39 trillion, respectively. Together, they would completely shift the bloc’s status.
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Saudi Arabia is already set to become a member of the bloc’s New Development Bank. Additionally, there have been reports that it is seeking to fund the bloc, as Russia has been coping with Western sanctions due to the ongoing Ukraine conflict. Nevertheless, its inclusion in the alliance at the upcoming summit would be a game-changer. Shifting the geopolitical power balance undeniably.