The BRICS alliance boasts of nations with the fastest growing economies as their GDP is climbing higher against G7 countries. The development is worrisome as developing countries in BRICS could begin to challenge the Western world of G7 countries’ GDP. The trade wars between BRICS and G7 have already begun as the bloc is looking to dethrone the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
Also Read: BRICS Continue Gold Buying Spree in 2024
In this article, we will compare the BRICS GDP vs the G7 countries of the Western financial world. Here’s how both BRICS and G7 alliances will fare and move up the GDP ladder in the coming decades.
BRICS GDP vs G7 Countries
China has a GDP of $19.3 trillion taking a larger share of the global economy at 18%. Additionally, its counterpart India comes at a distant second with a GDP of $3.7 trillion contributing 4% to the world’s economy. On the other hand, the US dominates the world’s GDP with $28.6 trillion and 25% of the global economy.
Also Read: BRICS: U.S. Having Less Friends As Developing Countries Unite
Below is the GDP of BRICS countries vs G7. (Saudi Arabia is not included in the charts, as the Kingdom is yet to join BRICS and is deciding on the prospects).
| BRICS Country | 2024 GDP (Billion & Trillion) | Share of Global GDP |
| 1. Brazil | $2,081 Trillion | 2% |
| 2. Russia | $2,063 Trillion | 2% |
| 3. India | $3,737 Trillion | 4% |
| 4. China | $19,374 Trillion | 18% |
| 5. South Africa | $399 Billion | 0.4% |
| 6. UAE | $499 Billion | 0.5% |
| 7. Egypt | $387 Billion | 0.4% |
| 8. Iran | $368 Billion | 0.4% |
| 9. Ethiopia | $156 Billion | 0.2% |
| BRICS Total | $29,064 Trillion | 27.94% |
Also Read: BRICS: China Stockpiling 1.39 Million Barrels of Oil Every Day
Below is the GDP of G7 countries vs BRICS:
| G7 Countries | 2024 GDP (USD Trillion) | Share of Global GDP |
| 1. US | $26,855 | 25% |
| 2. Germany | $4,309 Trillion | 4% |
| 3. UK | $3,159 Trillion | 3% |
| 4. Canada | $2,090 Trillion | 2% |
| 5. France | $2,923 Trillion | 3% |
| 6. Italy | $2,170 Trillion | 2% |
| 7. Japan | $4,410 Trillion | 4% |
| G7 Total | $45,916 Trillion | 43% |
In conclusion, BRICS GDP stands at $29,064 trillion in 2024 with a global economy share of 27.94%. Additionally, G7 GDP stands at $45,916 in 2024 with a global economy’s share of 43%. Therefore, BRICS’s GDP is lesser by 15.06% compared to the G7 countries. Also, BRICS is behind by $16,852 trillion when compared to the GDP of G7 countries.
#Comparing #BRICS #GDP #Countries
#bitcoinnews
