The BRICS may get the better of the G7 by 2040 in terms of political and economic clout, a US news agency has reported.
“Our forecasts suggest an expanding workforce and ample room for technological catch-up will boost the BRICS share [of the global economy] to 45% by 2040, more than double the weight of the Group of Seven major advanced economies,” the media outlet pointed out.
The outlet suggested that thanks to its sustainable growth, as well as diversity and ambitions, the BRICS may successfully challenge the US’ global dominance and scrap the dollar as the world’s main currency.
The research highlighted that if the group’s efforts to shift some oil transactions to other currencies prove successful, this could have “a knock-on effect” on the dollar’s share in international trade and global foreign exchange reserves.
It follows the 15th BRICS summit in Johannesburg, South Africa, in August, at which the group extended invitations to Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates (UAE) and Saudi Arabia to join the bloc.
The group stressed that the new six members were selected after BRICS countries arrived at a consensus "on the guiding principles, standards, criteria and procedures of the BRICS expansion process." Their full-fledged membership will start on January 1, 2024.
The BRICS, which was formed in 2009 and initially included Brazil, Russia, India and China, first expanded to admit South Africa in 2010. Before the beginning of the South Africa summit, more than 40 countries had expressed interest in entering BRICS, with 23 formally applying to join.