According to Business Today, April 21, 2023:
BRICS is an acronym for the regional economies of Brazil, Russia, India, China and South Africa. The BRICS have a combined area of 39,746,220 km2 (15,346,100 sq mi) and an estimated total population of about 3.21 billion or about 41% of the world’s population.
The Group of Seven (G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a “non-enumerated member”. Compared to BRICS, the G7 countries consist of less than 10% of the world’s population.
In 2020, the contributions from BRICS countries and the G7 to global economic growth were about equal. Since then the performance of the Western-led bloc has been declining. Based on the latest IMF data, the BRICS countries will contribute 32.1% of the world’s growth, compared to the G7’s 29.9%. By 2028, the G7’s contribution to the world economy is predicted to decrease to 27.8%, while the BRICS will account for 35%.
The next BRICS summit will be held in Cape Town, South Africa in August 2023. The five-nations bloc will combinedly decide on the launch of a new currency to settle global trade. This development will challenge the U.S. dollar as the world will rely less on the greenback. The move could add further pressure on the dollar sending it on a path of decline
While the G7 membership remains stable, about two dozen countries have shown interest in joining BRICS. Among them are Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates which have formally applied to join the BRICS alliance.
What this means is that a mono-polar world led by the US is basically over. Our world has become and will become increasingly multi-polar!