G7 Outweighed Economically by BRICS, Study

The BRICS group, which includes the world’s five major developing economies, has surpassed the Group of Seven (G7) in terms of purchasing power parity, according to data compiled by Acorn Macro Consulting, a UK-based macroeconomic research firm.
According to the data, the BRICS bloc of Brazil, Russia, India, China and South Africa accounts for 31.5% of the global GDP. Meanwhile, the G7 nations, which include the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom, account for 30.7% of the global GDP.
Analysts predict that the gap between the two groups will widen further as China and India experience economic development and other nations are expressing interest in joining the BRICS.
Earlier this year, Russian Foreign Minister Sergey Lavrov stated that “more than a dozen” countries, including Algeria, Argentina, Bahrain, Bangladesh, Indonesia, Iran, Egypt, Mexico, Nigeria, Pakistan, Sudan, Syria, Turkey, the United Arab Emirates, and Venezuela, have expressed interest in joining BRICS.
At the same time, Saudi Arabia, Egypt, and Bangladesh have invested in the New Development Bank, the BRICS finance institution.
Last year, the BRICS countries proposed creating their own currency to replace the US dollar and euro in bilateral trade. Russian President Vladimir Putin had proposed using the Chinese yuan in transactions with BRICS allies and other international partners in Asia, Africa, and Latin America.