BRICS Has Surpassed the G7 in Terms of PPP GDP

[Debater Slayer]

BRICS, the economic group made up primarily of Brazil, Russia, India, China, and South Africa, has reportedly surpassed the G7 in terms of PPP GDP in a trend that experts expect to grow in coming years:

The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue.

The BRICS currently include Brazil, Russia, India, China and South Africa, while the G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.

The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joined the BRICS New Development Bank, with numerous other countries poised to do the same.

The current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. The BRICS is expected to contribute over 50% of global GDP by 2030, with the proposed enlargement almost certainly bringing that forward. China’s GDP actually overtook that of the United States in 2015 when comparing economies in purchasing parity terms.

The BRICS Has Overtaken The G7 In Global GDP - Silk Road Briefing

By Chris Devonshire-Ellis The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue. The BRICS...

www.silkroadbriefing.com

I'm not sure how much to trust the above source, but on the CIA's website, the PPP GDP of China is already ahead of the US', and India is in third place:

Real GDP (purchasing power parity)

www.cia.gov

What are your thoughts on this? What effects do you think the shift of global economic power away from the West will mean in coming years?

 

[Stevicus]

What are your thoughts on this? What effects do you think the shift of global economic power away from the West will mean in coming years?

I think it was to be expected, although the West might take some steps to try to come back. But the problem for the West is that we never really seemed to realize that the Cold War is over. They still seem to be in some kind of abstract war against the "evil empire." They haven't been able to formulate any coherent policy, and the consequences are self-evident.

 

[Augustus]

What are your thoughts on this? What effects do you think the shift of global economic power away from the West will mean in coming years?

Seems like the wrong measurement for me, nominal GDP would be a better measure of global economic power.

Also having a high nominal GDP as a relatively poor but very large country is not necessarily to be a major global player.

But overall, Western countries should start accepting that they need to change their habit of lecturing and trying to bully other countries and start thinking about how to cooperate better with those countries who don’t see aping the west as the zenith of historical progress.

 

[Wandering Monk]

BRICS, the economic group made up primarily of Brazil, Russia, India, China, and South Africa, has reportedly surpassed the G7 in terms of PPP GDP in a trend that experts expect to grow in coming years:

The BRICS Has Overtaken The G7 In Global GDP - Silk Road Briefing

By Chris Devonshire-Ellis The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue. The BRICS...

www.silkroadbriefing.com

I'm not sure how much to trust the above source, but on the CIA's website, the PPP GDP of China is already ahead of the US', and India is in third place:

Real GDP (purchasing power parity)

www.cia.gov

What are your thoughts on this? What effects do you think the shift of global economic power away from the West will mean in coming years?

China's debt to GDP ratio is about 350%. It imports 70% of its energy. It is also a currency manipulator.

 

[Debater Slayer]

China's debt to GDP ratio is about 350%. It imports 70% of its energy. It is also a currency manipulator.

Two of China's main geopolitical rivals, the US and Japan, are also dealing with their own economic issues, so it seems to me that none of them have as much of an advantage over the other as they could otherwise have. The US is currently dealing with its own economic issues mainly in the form of major national debt and the possibility of a default, and Japan is in a worse situation than China in that regard. Furthermore:

The major argument suggesting China likely faces a crisis is that other countries that experienced a similarly rapid increase in debt suffered a financial crash or economic downturn. But other experts argue the risk of a hard landing is low. China has little overseas debt, and a high national savings rate. In addition, most of the debt is state owned – state-controlled banks loaned funds to state-controlled firms – giving the government the ability to manage the situation.

China's debt problem explained.

Corporate and household debt has risen at breakneck speed

fingfx.thomsonreuters.com

In the last few years, some unexpected events have also affected the global economy, from the COVID-19 pandemic to the invasion of Ukraine. I think it may become more difficult to predict the precise trajectory of the economy of either the US or China in coming years.

 

[exchemist]

BRICS, the economic group made up primarily of Brazil, Russia, India, China, and South Africa, has reportedly surpassed the G7 in terms of PPP GDP in a trend that experts expect to grow in coming years:

The BRICS Has Overtaken The G7 In Global GDP - Silk Road Briefing

By Chris Devonshire-Ellis The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue. The BRICS...

www.silkroadbriefing.com

I'm not sure how much to trust the above source, but on the CIA's website, the PPP GDP of China is already ahead of the US', and India is in third place:

Real GDP (purchasing power parity)

www.cia.gov

What are your thoughts on this? What effects do you think the shift of global economic power away from the West will mean in coming years?

I think the concept of BRICS is past its sell-by date. China is an economic superpower in its own right and India is close. Grouping them with stuttering economies like S Africa and Brazil seems to have no rationale any longer. As I recall, the BRICS concept was invented about 20 years ago, when these were all countries to watch, from the point of view of their economic potential at the time. Well, now we know what has happened. Two have gone off like rockets, one is stuck on the launchpad, one has blown up in a cloud of corruption and the last is cannibalising itself for spares to support a disastrous war of its own making.

 

[Debater Slayer]

I think the concept of BRICS is past its sell-by date. China is an economic superpower in its own right and India is close. Grouping them with stuttering economies like S Africa and Brazil seems to have no rationale any longer. As I recall, the BRICS concept was invented about 20 years ago, when these were all countries to watch, from the point of view of their economic potential at the time. Well, now we know what has happened. Two have gone off like rockets, one is stuck on the launchpad, one has blown up in a cloud of corruption and the last is cannibalising itself for spares to support a disastrous war of its own making.

I suppose the rationale right now might be for China to exert geopolitical influence by keeping those other countries allied to itself even if most of them are not economic superpowers. There have also been tensions between India and China in recent years, so I'm not sure how both countries are going to surmount those if they're going to deepen their ties.

The US has frequently worked to bring much weaker countries within its fold for similar reasons, and that strategy seems to have benefited it in a lot of ways, ranging from access to more borders for its military bases to wider access to natural resources (mainly oil) from said weaker countries. I suspect China may be trying to do something similar in this case, albeit over the long term.

 

[sayak83]

BRICS, the economic group made up primarily of Brazil, Russia, India, China, and South Africa, has reportedly surpassed the G7 in terms of PPP GDP in a trend that experts expect to grow in coming years:

The BRICS Has Overtaken The G7 In Global GDP - Silk Road Briefing

By Chris Devonshire-Ellis The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue. The BRICS...

www.silkroadbriefing.com

I'm not sure how much to trust the above source, but on the CIA's website, the PPP GDP of China is already ahead of the US', and India is in third place:

Real GDP (purchasing power parity)

www.cia.gov

What are your thoughts on this? What effects do you think the shift of global economic power away from the West will mean in co

BRICs will be quite low in terms of GDP per capita which would be a more accurate measure of prosperity.

ming years?

 

[exchemist]

I suppose the rationale right now might be for China to exert geopolitical influence by keeping those other countries allied to itself even if most of them are not economic superpowers. There have also been tensions between India and China in recent years, so I'm not sure how both countries are going to surmount those if they're going to deepen their ties.

The US has frequently worked to bring much weaker countries within its fold for similar reasons, and that strategy seems to have benefited it in a lot of ways, ranging from access to more borders for its military bases to wider access to natural resources (mainly oil) from said weaker countries. I suspect China may be trying to do something similar in this case, albeit over the long term.

That's an interesting point, certainly. I had not thought of that.

But it was originally an economic classification, rather than one based on geopolitical alignment, I'm fairly sure.

 

[Debater Slayer]

BRICs will be quite low in terms of GDP per capita which would be a more accurate measure of prosperity.

I don't think China will ever be prosperous as long as its government is authoritarian and corrupt. However, I think it's entirely possible for countries to be globally influential despite having corrupt and authoritarian governments. The Soviet Union was an example of this, and now China is as well.

I would rather live in a prosperous and geopolitically "weak" country than in China or the USSR, but individual prosperity doesn't always translate into geopolitical power.

 

[Brickjectivity]

What are your thoughts on this? What effects do you think the shift of global economic power away from the West will mean in coming years?

India and Brazil are going to do increasingly well, and I think that's good for everyone both those in the BRICS and the rest of us. I'd feel very good about a strong India and a strong Brazil.

I'm not sure how much to trust the above source, but on the CIA's website, the PPP GDP of China is already ahead of the US', and India is in third place:

China has an enormous population, and GDP is the total amount of earned income of all workers.

Brazil has the perfect opportunity to lead the world economy. They are well positioned if their luck is good and if they have good government. They have many natural resources as do their neighbors. They are on great terms with all great trading nations including the USA. They have an increasingly educated population and a strong national identity. They have a lot of land, warm weather, plenty of water, access to ports, access to shipping lanes, access to fossil fuels...