BRICS vs G7

What does BRICS stand for?

BRICS is an acronym that stands for Brazil, Russia, India, China, and South Africa. It is a grouping of five emerging economies from different regions of the world that have been identified as having significant growth potential and influence in the global economy.

The concept of BRICS was first coined by a Goldman Sachs economist in 2001, who predicted that these countries would become the dominant economic powers of the 21st century. The BRICS nations account for a substantial portion of the world’s population, land area, and natural resources, and their combined GDP makes up a significant portion of the global economy.

In recent years, the BRICS nations have worked together to strengthen their economic and political ties, forming a powerful bloc that has challenged the dominance of traditional Western powers in global economic institutions. They have also cooperated on various issues, such as trade, climate change, and global governance, and have sought to increase their influence in the developing world.

What does G7 stand for?

The G7, or the Group of Seven, is a forum of seven of the world’s largest advanced economies, including the United States, Canada, Japan, United Kingdom, France, Germany, and Italy. The group meets annually to discuss a range of global issues, such as trade, finance, security, and the environment.

The G7 was first established in 1975 as the “G6” to coordinate economic policies among the world’s leading industrialized democracies. Canada joined the group in 1976, and the group became known as the G7. In 1998, Russia was added to the group, forming the G8, but was suspended from the group in 2014 following the annexation of Crimea.

The G7 represents a significant portion of the world’s economy, accounting for more than 60% of global net wealth and approximately 45% of global GDP. The group has played an important role in shaping global economic policies and addressing major challenges such as climate change, international trade, and pandemic response. The G7 meetings also provide an opportunity for member countries to discuss and coordinate on issues of mutual interest and concern.

G7 in numbers:

-> Member countries: USA, Canada, UK, Italy, Germany, France, Japan

-> Member countries: 7

-> Global GDP share: 40%

-> World population share: 10%

BRICS in numbers:

-> Member countries: Brazil, Russia, India, China, South Africa

-> Member countries: 4

-> Global GDP share: 23%

-> World population share: 40%

What is the difference between G7, G8 and G20?

Military power NATO vs BRICS

Aspiring members for BRICS

-> SAUDI ARABIA (Largest Oil producer)

-> EGYPT

-> ARGENTINA

-> IRAN

-> TURKEY

Other interested countries:

-> INDONESIA

-> KAZAKHSTAN

-> UAE

-> NIGERIA

-> SENEGAL

-> THAILAND

-> VENEZUELA

Eventual future name: “BRICS+”

Aspiring members of G7

-> Maybe Australia and South Corea?

GDP Predictions of G7 vs BRICS: