India-led BRICS has overtaken G-7 in global production. BRICS countries have a 35% share in global production while G-7 contributes 28%. Economist Richard Wolf has said that a big change is coming in the global economy and India's purchase of oil from Russia shows that the power is tilting towards BRICS.
India-led BRICS has overtaken the US-dominated organization G-7 on the global production front. BRICS countries' share in global production has gone up to 35 percent. At the same time, G7's contribution to global production is 28 percent.
Renowned American economist Richard Wolf has warned that a big change is coming in the global economic system and India's continued purchase of oil from Russia despite US pressure shows that the balance of power is now tilting away from the US and towards the BRICS countries. America's tariff policy is making BRICS strong and united.
Debt burden on America increased
Wolf said in a podcast that China has reduced its stake in US Treasury bonds as America's total debt has reached $36 trillion. The debt burden can pose serious challenges to the dollar. If the trend of increasing debt continues, then debt will become expensive for America or it will have to cut domestic expenditure. This will weaken America's position as a global leader.
Trump is strengthening BRICS
The American economist has described the US tariff against India as an ineffective strategy, which is bringing India and other BRICS countries closer. He said that Trump's policies are making BRICS bigger, more united and a successful economic option compared to the West.
Trump has imposed the highest tariff on Brazil and India
US President Donald Trump has imposed the highest tariff on BRICS countries Brazil and India. Both countries have called the tariff unfair. China is also opposing Trump's use of trade as a weapon to get his point across. On the other hand, Russia has also criticized the policies of America and Western countries to put pressure on other countries. These four countries are the founding members of BRICS. The global scenario has become uncertain due to Trump's policies, in such a situation BRICS countries can strengthen mutual cooperation.
India will lead BRICS in 2026
BRICS is a global organization of countries with leading emerging economies, Brazil, Russia, India and China are its founding members. In 2011, South Africa was made its member and its name became BRICS. Later, Egypt, Ethiopia, Indonesia, Iran, United Arab Emirates became its members. Now the number of member countries of BRICS is 10. India will chair BRICS in 2026.
BRICS countries represent 49.5% of the global population
BRICS countries contribute 40.0% to global GDP
BRICS' share in global production has increased to 38.0%
G-7 is a group of developed countries
G-7 is a group of the seven most industrially developed countries of the world. The group works to resolve international economic and monetary issues. The US, France, Germany, Italy, Japan, the UK and Canada are its members. As a country with a large economy, India is also invited to the G-7 meetings.
The G-7's share in global GDP is estimated to be 28.5%
The G-7 countries' share in global GDP was 50.0% in 1980
The G-7 countries account for only 9.6% of the total global population
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