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BRICS Expansion: New Members Enhance Economic Diversity



  Sep 08, 2023

Brics Expansion: New Members Lay Bricks in the Wall of Economic Diversity - Presented by SRIRAM's


GDP Share of New Brics Members: The six new members of the Brics group—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE)—will collectively contribute only 11% to the GDP of the emerging economies grouping.
 
Saudi Arabia's Highest Contribution: Among the new members, Saudi Arabia's GDP contribution is the highest at 4%, followed by Argentina, the UAE, and Egypt at 2% each, Iran at 1%, and Ethiopia with negligible impact.
 
Impact on Brics' Share in Global GDP and Population: The inclusion of new members will result in Brics' share in global GDP increasing from 26% to 30%, while the share of the population will rise to 46%.
 
Changes in Current Contributions: China's current contribution of 70% to Brics' GDP will decrease to 62%, India's contribution will drop from 13% to 12%, Russia's from 8% to 7%, Brazil's remains unchanged at 7%, and South Africa's contribution will halve from 2% to 1%.
 
Bilateral Trade and UAE: The UAE, among the new members, stands out with bilateral trade of ₹6.8 trillion in FY23, indicating its significant economic activity.
 
Expansion Decision and Impact: The decision to expand Brics, effective from 1 January 2024, was announced at the recent Brics summit. While the expansion will lead to diversification of contributions, Brazil's unchanged share remains a notable exception.
 
In summary, the addition of new members to the Brics group will introduce diverse contributions to the GDP while impacting the overall global share of the grouping in terms of both economic output and population.


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