BRICS: GDP in Purchasing Power Parity To Reach 45% Of World’s Economy

The BRICS alliance is advancing at a rapid pace to outperform the G7 nations’ GDP in purchasing power parity (PPP). BRICS accounted for 19% of the global GDP in purchasing power parity terms. However, the new BRICS Plus, an 11-member bloc gave it a boost and now accounts for 36% of GDP in PPP this year.

Also Read: BRICS: Dangers Emerge for Import-Export Sector as US Dollar Rises

According to the latest report, BRICS plus GDP in PPP could reach 45% of the world’s economy in 2040, reported Bloomberg. The rapid rise of BRICS could potentially pose a threat to G7 nations and the Western-backed financial world. BRICS looks ambitious to dethrone the US dollar and replace a new currency as the world’s reserve status.

Read here to know how many sectors in the US will be affected if BRICS stops using the dollar the trade. The move could send the US economy crashing and also lead to hyperinflation in the homeland. The next few decades remain crucial for the US dollar as external forces are advancing to dethrone the greenback.

Also Read: BRICS Intra-Trade Reaches 37% of The World’s Transactions

BRICS: GDP Aims To Lead in Global GDP & PPP

BRICS
Source: Tutwa Consulting Group

A recent report from Goldman Sachs highlights that the U.S. GDP could drop to third place by 2075. BRICS countries China and India will have a bigger GDP than that of the US, according to the investment bank’s Analysis. China and India’s GDP could reach $57 trillion and $52.5 trillion, respectively. However, the US GDP could remain at the third spot at $51.5 trillion, the investment bank estimates.

Also Read: Indian Man Finds $3 Million US Dollars on Railway Tracks Marked to UNO

Therefore, the US could be $1 trillion behind India and $5.5 trillion behind China. The move gives BRICS leverage to control the global finances and sideline the US and other Western allies. The development could end the traditional financial order as we know it and lead to a new world order. The next few decades could tilt the power from the West to the East and limit America’s domination in the global sphere.

  • BRICS
  • BRICS GDP

Comments

Post a Comment

Popular posts from this blog

XRP Facing Bear vs Bull Showdown; Who Will Win

Image
The Balance in XRP Price Swing At the time of writing, XRP is changing hands at a price of $0.5129, down by 4.15% over the past 24 hours. XRP bulls were earlier active as the coin shot up as high as 4% in earlier trading after shedding off all of its gains. advertisement Despite the obvious price slump, the digital currencies’ trading volume showcases a difference in actions between the bulls and bears. The coin’s trading volume has retained an upsurge of 3.2% in the past 24 hours with the volume pegged at $1.418 billion. XRP Price Chart. Source: Coingape While the outlook appears bearish at this time, it remains to be seen who will win the fight for dominance between the buyers and sellers. As a volatile market, the current trend appears to be favorable for bears and whether or not the current trend will matter is dependent on general market sentiment. XRP remains an attractive coin, despite the fact that a slight uncertainty is hovering around its fu
Read more

Terra Classic Officially Releases v2.1.0 Parity Upgrade Proposal

Image
It is one of the biggest upgrades since the Terra Classic community took charge of the blockchain after the Terra -LUNA crisis in May last year. Primarily, it will bring Terra Classic to parity with other blockchains such as Terra 2.0 and other Cosmos chains. Thus, allowing projects and developers to once again build on the Terra Classic chain. advertisement Joint L1 Task Force (LITF) project manager LuncBurnArmy took to Twitter to reveal that the v2.1.0 Upgrade proposal is officially out and can be reviewed on the Commonwealth portal. He also revealed that the proposal will go for voting on June 7 and the upgrade to happen as scheduled on June 14. The parity is also essential for introducing Interchain Accounts (IBA) into Terra Classic (LUNC), as professor and core developer Edward Kim stated. IBA will bring AI app chain Block Entropy to the Terra Classic chain. Meanwhile, the community can obtain the Testnet tokens from the Block Entropy TestNet Fauce
Read more

Elon Musk imposes 'rate limit' on Twitter citing extreme ‘system manipulation’

Image
Verified Twitter users will be allowed to view 10,000 posts per day, while new, unverified accounts will get 500 under the new limits. Social media platform Twitter is temporarily limit ing the number of posts that users will be allowed to read per day, after seeing “ extreme levels of data scraping and system manipulation ,” according to executive chairman Elon Musk. In a July 1 post, Musk said the temporary limit s will see verified accounts capped at 10,000 posts per day, while unverified and new, unverified accounts are capped at 1,000 and 500 posts per day respectively: Now to 10k, 1k & 0.5k — Elon Musk (@elonmusk) July 1, 2023 Twitter users had been reporting issues on the platform over the last few days including the inability to retrieve tweets, missing timelines, and being met with a "rate limited exceeded" message, leading to the hashtag #TwitterDown #TwitterFail to trend in certain jurisdictions. A screenshot of a Twitter user’s account — having reached t
Read more