Leading investment bank Goldman Sachs had predicted previously that BRICS GDP could come close to G6 countries by 2035. However, the prediction is turning out to be accurate a decade early, as the newly expanded BRICS GDP is set to reach 60% of the G6 countries.
Estimates suggest that the expanded BRICS GDP could touch 60% of the top 6 Western allies next year in 2025. That’s a decade earlier than the Goldman Sachs prediction where it stated that the event might occur in 2035. The G6 countries are France, Germany, Italy, Japan, the United Kingdom, and the United States.
The development indicates that BRICS is advancing to reshape the global financial sector and make a mark of its own. The alliance achieving goals a decade early suggests that the West must not take BRICS lightly and brush off their growing influence. Concrete steps need to be taken by the White House to prevent BRICS from taking over the traditional financial sector.
Read here to know how many sectors in the US will be affected if BRICS stops using the dollar for trade. The move will raise the chances of hyperinflation in the U.S. leading to job cuts and a spike in day-to-day essentials.
BRICS GDP Moving At Rapid Speed
The BRICS alliance is now a 10-member bloc as five new countries joined the group on January 1, 2024. Moreover, the new countries that joined BRICS on Monday are Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. Argentina is the only country that declined the invitation as the newly elected President Javier Milei is skeptical about the alliance.
Read here to know why Argentina declined BRICS membership and does not want to share the stage with the group. Argentina’s President has different plans for the country and believes BRICS hinders its growth socially, politically, and economically.