The BRICS member states will overtake the G7 in terms of share in global GDP within the next four years, the head of the New Development Bank (NDB), Dilma Rousseff, said on Tuesday.
Speaking at the World Governments Summit in Dubai, the chair of the multinational lender said that with the addition of the new members, the group’s share in global economic output will rise from the current 35% to 40% by 2028, while that of the G7 group of developed nations will decline to 27.8%.
Rousseff also noted that the share of BRICS in global trade grew from 37% in 2016 to 41% in 2022, whereas the G7 saw its position erode with its share decreasing from 62% to 58%.
The BRICS group of emerging economies, which previously comprised Brazil, Russia, India, China, and South Africa, underwent a major expansion after Saudi Arabia, Iran, Ethiopia, Egypt, and the United Arab Emirates joined in January of this year.
With the addition of the five new nations, BRICS is poised to command more than 40% of global crude oil production, while its population will amount to nearly 3.6 billion – almost half of the world’s total.
The Shanghai-based NDB was established in 2014 by Brazil, Russia, India, China, and South Africa, with the aim of providing funding for infrastructure and sustainable development projects. The bank formally opened for business in 2015, and was later joined by Bangladesh, the United Arab Emirates, Egypt, and Uruguay. Saudi Arabia is also in talks to become a member.
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