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The roughly 11 countries in BRICS, an economic coalition created to counter the G7, collectively hold about 40% of global gross domestic product when adjusted for purchasing power parity.
Findings
Additional insights we found via Bloomberg
Launched in 2009, BRICS stands for Brazil, Russia, India, China, and South Africa (the last of which joined in 2011). The group includes Iran, the United Arab Emirates, Ethiopia, Indonesia, Saudi Arabia, and Egypt as of this writing.
Purchasing power parity (PPP) is an alternative measure of GDP that assesses currencies by determining how much the same basket of goods costs in different countries.
Adjusting GDP by PPP gives economists a better understanding of how a nation’s wealth affects its living standards.
Many of the BRICS economies are driven by commodities, like oil, gas, and soybeans—meaning international trade relations are crucial to their growth.
The bloc’s stated priorities are economic policy, financial engineering to reduce the world’s dependency on the US dollar, and expanding representation of the Global South in geopolitics.
Despite their fast-growing economies, the BRICS countries all have high levels of income inequality.
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