BRICS Emerges as the World's Largest GDP Bloc, Propelled by China's Rapid Expansion
BRICS, a set of countries grouped as an alternative to the G7, is now the world’s largest gross domestic product (GDP) bloc, taking purchasing power parity into account, according to reports from Acorn Macro Consulting. Powered By China’s growth, the group now contributes 31.5% to the global GDP, while the G7 provides 30.7%.
Significant economies have already applied to be members of the group, with Saudi Arabia, Egypt, and Bangladesh having acquired equity in the New Development Bank, BRICS’ funding organization. Other countries like Iran, Algeria, Argentina, and Turkey are also interested in joining the bloc.
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