By Diamond Odakim
The BRICS alliance is beginning a massive expansion in a game-changing move that promises to change the political landscape of the world. The BRICS group, which consists of five major countries—Brazil, Russia, India, China, and South Africa—stands out for its developing economies and ambitious plans to improve diplomatic coordination, reform international financial institutions, and act as a counterbalance to Western dominance.
The BRICS group made a historic decision on August 24, 2023, which will go into force at the start of 2024. Six new countries will formally join the alliance, indicating an expansion that is certain to reshape international relations. Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE) are among the new members.
The BRICS organization is encouraging a wide spectrum of states to take part in its aim of influencing global debate with this momentous declaration, signifying its ambition to increase its influence.
We give a data-driven assessment of how the BRICS enlargement will affect the group’s power and global presence in a way that highlights the revolutionary potential of this growth through visual means.
Examining the Global GDP Share
Questions about the possible economic repercussions abound as the BRICS alliance accepts a new group of members. The immediate impact on the total proportion of GDP within the group is anticipated to be low given that the majority of the new members are categorized as emerging nations.
We give the following table, which offers GDP forecasts for the year 2023, in order to provide a comprehensive understanding. The International Monetary Fund (IMF), a credible organization recognized for its economic analysis, is the source of these estimates.
$2.5 trillion Brazil
$1.9 trillion Russia
$3,1 trillion in India
22.6 trillion China
$385 billion South Africa
$2.4 trillion Saudi Arabia
$430 billion Iran
$103 billion for Ethiopia
$392 billion for Egypt
$586 billion for Argentina
$444 billion in UAE
Even while the extension would not instantly change the BRICS consortium’s overall GDP composition, it demonstrates the group’s dedication to promoting cooperation and shared growth on a global scale.
These figures highlight the changing dynamics in the fields of international diplomacy and economics as the expanding BRICS alliance prepares to take its place on the global arena. The expansion denotes not just a more inclusive and multipolar world order but also a greater representation.
Note: disclaimer GDP statistics are based on IMF forecasts for 2023 and may vary.