2023-04-10 15:58:38
"For the first time, the Brics have become more economically powerful than the G7"
April 5, 2023
"Facts. The curves crossed. The BRICS, a group of countries including Brazil, Russia, India, China and South Africa, now has a greater economic weight than the G7, the 7 most industrialized countries on the planet, according to data provided by Acorn Macro Consulting, a UK research institute...
On Twitter, the information was notably put forward by an Acorn consultant, Richard Dias and by journalist Georges Mack who noted: 'It is no longer the developed world and the developing world. It is a world in ascent and a world in descent'....
In the 2010s, the Brics launched a new development bank as an alternative to the existing World Bank and International Monetary Fund. They also launched a common monetary reserve fund.
It is partly for this reason that several countries want to join the BRICS, which are increasingly posing as an alternative to the International Monetary Fund (IMF), which has left bad memories in many countries.
Why it matters. The G7, created in 1974 on the initiative of France, is now made up of the United States, Japan, the United Kingdom, France, Germany, Italy and the European Union. This forum meets every year to discuss major directions and global decisions. Its overtaking by the Brics demonstrates several major geopolitical facts, in particular the emergence of China as the world's leading economic power… ahead of the United States. This has been the case in purchasing power parity (PPP) since 2017.
The relative decline of the United States is now a reality when the country had asserted itself, since the Second World War, as the world's leading economic power, as the reorganizer of the economic system (Bretton-Woods agreement in 1944), and as the holder of the reference currency, on which most exchanges were based.
The Brics are not only overtaking the G7 countries economically, but demographics are also in their favor since 800 million people live in a G7 country against 3.2 billion in a Brics country.
'The BRICS are living their geopolitical moment" , considering that these countries are trying to position themselves as representatives of the global South, by proposing 'an alternative model to the G7"."
https://archive.is/2023.04.06-122442/https://www.lejdd.fr/economie/pour-la-premiere-fois-les-brics-sont-devenus-plus-puissants-economiquement-que-le-g7-134406#selection-1159.0-1199.48
9.2K views12:58
R
