Goldman Sachs has projected that the BRICS alliance will have the world’s biggest economy by 2075. The bloc as a whole will surpass the U.S. economy by a larger margin leaving it to fall behind at a distant third. In the next 50 years, the chances of the U.S. being an economic superpower will reduce considerably. Developing countries are set to outperform America in trade, technology, and fintech, among many other important sectors.
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The top investment bank Goldman Sachs published a report forecasting that the U.S. economy could decline in the coming decades. The study shows that the de-dollarization agenda could boost BRICS member’s economies leaving the U.S. dollar behind. Read here to know how many sectors in the U.S. will be affected if BRICS ditches the dollar for trade.
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BRICS To Be World’s Biggest Economy in 2075, Projects Goldman Sachs
Goldman Sachs forecasted that two BRICS countries will dominate the top 2 economies pushing the U.S. to the third spot. China will boast an economy of $57 trillion and its counterpart India will take the second place at $52.5 trillion. On the other hand, the U.S. will slip to the third position at $51.5 trillion, according to Goldman Sachs forecast for 2075.
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The other BRICS member economies’ will also surge significantly, according to Goldman Sachs. Brazil’s economy will touch $8.7 trillion, Russia $6.9 trillion, Egypt $10.4 trillion, and Ethiopia $6.2 trillion. Even Saudi Arabia’s economy could touch $6.1 trillion, according to forecasts from the top investment bank. However, Saudi Arabia has yet to join BRICS and has not provided an answer to the invitation.
The Goldman Sachs forecast indicates that trouble could be brewing for the U.S. dollar and economy in the coming decades. The BRICS de-dollarization initiative could gain further steam spelling trouble for the U.S. dollar and the economy as a whole.