BRICS Overtakes G7 | The NEW World Currency
BRICS Overtakes G7 The NEW World Currency Investors must watch
Ashley in Africa explains some of what is happening regarding BRICS+ and the impact this will most likely have on the US Dollar in the near future. Significantly, the video states that BRICS is now surpassing the G7 when it comes to combined GDP, and yet there remains a long and growing list of countries who have either already applied or expressed interest in wanting to join the BRICS+ bloc of membership countries. What looks likely, is that they may choose to decide on using the digital Yuan created by China, in order to conduct international trades and/or along with using their own currencies in order to bypass using the US Dollar for trading amongst themselves. If that happens, and as the bloc of BRICS member countries continues to grow, that will mean less and less demand for US Dollars in countries outside of the USA, leading to the US Dollar significantly declining in value.
Latest: Mexico reportedly has also expressed an interest in joining BRICS.
Mar 27, 2023 Posted by Silk Road Briefing
By Chris Devonshire-EllisThe 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.
A real shake up is also to be expected these coming days with Mexico, long part of the North American free trade bloc NAFTA (now superseded by the Canada-United States-Mexico Agreement (CUSMA) agreement) poised to join BRICS. That will be seen as a direct affront to Mexico’s US relations and a sign that global economies, even on America’s border, are having serious doubts about the US ability to trade on fair and equal terms.
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.