Over the past year, the BRICS economic alliance has grown notably in its prominence. Indeed, the bloc enacted its first massive expansion since 2001, inviting six nations to join its ranks. Subsequently, amid that expansion, the BRICS alliance is predicted by Goldman Sachs to dominate global GDP by 2050.
The original BRICS nations were already expected to continue their GDP ascension over the next several decades. However, new estimations have fortified the vast gap that is expected to form between the group and the rest of the globe.
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BRICS to Have 7 of the Top 15 Countries by GDP in 2050
2023 will forever be noted for the massive geopolitical ramifications enacted by the BRICS alliance. Stemming from Western sanction threats on many of its members, the bloc enacted strict de-dollarization initiatives. Subsequently, amidst the growth of those plans, the alliance has also noted its first major expansion effort.
Although it is certainly not set to be its last, the bloc invited six countries to join its ranks at its 2023 Annual Summit. To this point, five of those countries are expected to accept that invitation. Those include Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia. Only Argentina has rejected the invitation as of 2024.
Now, amid that expansion, Goldman Sachs has predicted that the BRICS alliance will dominate the global GDP by 2050. Indeed, a recent prediction of the top countries by GDP has a notable BRICS presence. Specifically, the top 15 nations are
- China: $41.9 Trillion
- US: 37.2 Trillion
- India: $22.2 Trillion
- Indonesia: $6.3 Trillion
- Germany: $6.2 Trillion
- Japan: $6.0 Trillion
- UK: $5.2 Trillion
- Brazil: $4.9 Trillion
- France: $4.6 Trillion
- Russia: $4.5 Trillion
- Mexico: $4.2 Trillion
- Egypt: $3.5 Trillion
- Saudi Arabia: $3.5 Trillion
- Canada: $3.4 Trillion
- Nigeria: $3.4 Trillion
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Indeed, these projections note that seven of the top 15 countries in GDP will belong to the BRICS alliance. Moreover, it denotes the continued establishment of the countries that are present within it. However, it does not fully showcase the expected growth in prominence that the bloc will experience as a whole in the next several decades.
The alliance already accounts for 43% of global oil production. That figure should continue to expand by 2050. Additionally, the world should have a better image of what the de-dollarization plans have brought at that time.