BRICS now bigger than G7
New world order: Brazil, Russia, India, China and South Africa (BRICS) overtook the G7 countries in global GDP to become economically more powerful. This means that the BRICS economies are larger than the G7.
BRICS now contribute 31.5% of global GDP, with further growth expected. Meanwhile, Canada, France, Germany, Italy, Japan, the UK and the US (G7) contribute 30%.
In addition, the BRICS are working to create a new currency to challenge the US dollar. The currency will be backed by gold and other commodities such as oil or lithium. Obviously, it won’t happen immediately and it will face many challenges, but it could be a game changer in global trade. And it’s not even that.
Just this week, we have seen some monumental developments in the global geopolitical space. Here are the main ones:
– Malaysia’s Prime Minister said that there is no reason to continue to depend on the US dollar.
– Saudi Arabia’s Crown Prince MBS said he is no longer interested in “satisfying the US”.
– Three US Congressmen introduced the ‘Gold Standard Bill’ to stabilize the value of the US dollar.
– The Chinese Yuan has replaced the US dollar and become the most traded currency in Russia.
– Russia and India abandoned the European-dominated oil prices and agreed to use the Dubai oil price benchmark.
If this continues at such a rapid pace, the world we will see in the next five to ten years will be very different.
The new world order is emerging.
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