The BRICS+, comprising Brazil, Russia, India, China and South Africa, are gradually positioning themselves as major players in the global economy, according to the latest report published by Shape the future with confidence.
This dynamic group now represents 36.7% of global GDP in purchasing power parity (PPP) terms, 23.3% of global merchandise trade, and is home to 45.2% of the world’s population. This significant growth underlines their rise to prominence on the international stage.
In recent years, the BRICS+ has recorded remarkable expansion, particularly in the export sector. Between 2000 and 2023, its share of global merchandise exports doubled from 10.7% to 23.3%. In parallel, the G7 saw its share decline from 45.1% to 28.9%, illustrating the changing dynamics in global trade.
This transition marks a historic reversal, highlighting the rise of the BRICS+ in comparison with the G7 industrialized economies. This upward trend could continue, and it is likely that the BRICS+ will surpass the G7 in global exports by 2026.
In parallel, the BRICS+ members are working to strengthen their economic sovereignty by developing an international transaction platform as an alternative to the SWIFT system. Known for its low costs, this platform offers an innovative solution to facilitate trade within the group.
In addition, the BRICS+ are considering the establishment of a reserve currency backed by gold and other raw materials. This initiative aims to strengthen the stability of their trade and consolidate their investments.
Among the BRICS+ members, China and India stand out in particular. In 2023, China accounted for 62.5% of the group’s exports, up from 36.1% in 2000, while India reached a share of 7.9%. These two economic giants, joined by other countries such as Brazil, Russia, Saudi Arabia and the United Arab Emirates, are expected to consolidate their influence in the global economy, both in terms of exports and imports.
The BRICS+ also stand out for their increasing specialization in high-tech exports. In 2022, the group contributed 49.6% of global textile exports, 41.3% of telecommunications equipment and 35.7% of electronic and office equipment. This orientation towards high value-added industries reflects their evolution towards more advanced technological sectors.
In a context where emerging economies are increasingly competing with advanced economies for market share, the BRICS+ are asserting themselves as an essential force in the global economy. Their strategic reorganization, with diversified members and innovative projects such as a common currency, could redefine the global economic balance and strengthen their influence internationally.
In sum, the BRICS+ still have a promising future ahead of them, and their rise continues to shape the global economy, offering new prospects and opportunities for member countries, as well as for trading partners around the world.