Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

BRICS surges to 35.7% of global GDP in 2023; G7 declines to 29%

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Jul 2024 20:19
  • 2 Shares
2 Min Read

Since its establishment in 2006, the bloc has seen its global economic share rise by 10.2 percentage points, according to Sputnik's analysis based on World Bank data.

Listen
  • x
  • ap photo
    Central African Republic President Faustin Archange Touadera, left, Republic of Congo's President Denis Sassou Nguesso, center, and Equatorial Guinean President Teodoro Obiang, right, attend a meeting during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg Thursday, Aug. 24, 2023 (Marco Longari/Pool via AP)

In 2023, the BRICS countries collectively accounted for a historic 35.7% share of the global GDP in terms of purchasing power parity (PPP), marking an increase of 0.6 percentage points compared to the previous year.

Since its establishment in 2006, the bloc has seen its global economic share rise by 10.2 percentage points, according to Sputnik's analysis based on World Bank data.

Conversely, the G7 nations saw their economic indicators decline to 29%, the lowest in 30 years, losing 0.4 percentage points year-on-year.

Since 2006, the G7's global GDP share has decreased by 9.7 percentage points.

Overall, global GDP in PPP terms reached $184.7 trillion in 2023, reflecting a 7% increase from the previous year.

Meanwhile, the remaining countries outside these major blocs accounted for 35.3% of the world's GDP, maintaining a stable share since 1990, fluctuating within a one-percentage-point range.

Related News

Iran urges BRICS sanctions shield as Brazil backs fairer global system

Expert: too early for single BRICS currency, more action needed

Read more: BRICS overtakes G7 in terms of share in global GDP in PPP terms

Recent developments surrounding the US dollar have sparked concerns among international financial institutions, spurred by Russian President Vladimir Putin's announcement regarding potential currency reforms within the BRICS+ framework.

Institutions like the IMF and JPMorgan have observed a shift away from the dollar by numerous countries, including BRICS members, due to geopolitical tensions and economic dependencies.

On November 12, the US dollar faced a downturn following trading halts on the Moscow Stock Exchange in response to US sanctions targeting Russia.

Concurrently, the longstanding US-Saudi petrodollar agreement expired, allowing Saudi Arabia to diversify its oil sales beyond the US dollar, potentially impacting the US economy.

Putin's announcement at the St. Petersburg International Economic Forum detailed BRICS' plans for an independent payment system aimed at reducing reliance on Western financial infrastructures.

Observers argue that this initiative, supported by substantial gold reserves among BRICS nations, points to a strategic move towards economic sovereignty and stability.

Read more: Lula says G7 format outdated, should have disappeared long ago

  • BRICS
  • G7
  • Russia
  • India
  • Brazil
  • South Africa
  • China

Most Read

Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025
UKLFI’s latest faux pas, like "Israel’s" recent failed attempt at regime change in Iran, is unambiguously indicative of a flailing entity on the verge of extinction. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Zionist lawfare operation facing collapse?

  • Opinion
  • 13 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS