As Russian President Vladimir Putin hosts the first summit of BRICS+ in Tatarstan’s capital Kazan on Oct. 22–24, it has motivated me to update my comparison of this group of countries with the G-7 in terms of components of national power as of early 2024. This comparison has reaffirmed my earlier findings that BRICS has overtaken the G-7—which some in the former want to position as a rival to the latter—in key components such as economy and demography. But can BRICS put that advantage to use?
Single-Variable Measurements Show BRICS Overtaking G-7...
I began the renewed comparison of BRICS and the G-7 with conducting three waves of measurements focused on their economic and demographic performance:
- In 2001, when Goldman Sachs’ Jim O’Neil proposed grouping what he saw as the world’s key emerging economies;
- In 2024, the current year; and
- In 2029, which is the furthest year for which the April 2024 edition of IMF’s World Economic Outlook offers forecasts for most of the world’s countries.1
My measurements of economic performance indicate that the BRICS’s share in world GDP has already overtaken that of the G-7 (see Figure 1 and Table 1), if calculated in terms of purchasing power parity (which is how the IMF measures these shares at country-level). The BRICS have also significantly outperformed the G-7 in terms of population, largely thanks to including the two most populous countries in the world: China and India. In fact, the combined population of the BRICS+ will exceed that of G-7 by a factor of four this year, according to U.N. data. However, U.N. data also suggests that the BRICS+ share of the world population is set to decline over the next five years. Also, when exploring how the BRICS have outperformed the G-7 economically and demographically, one should factor in that some (but not all) of that growth came from the addition of new members to the original group consisting of Brazil, Russia, India and China. (These non-original members include South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.2)