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 dol...