BRICS is an association of five major countries including Brazil , Russia , India , China , and South Africa . Distinguished by their emerging economies, the group has sought to improve diplomatic coordination, reform global financial institutions, and ultimately serve as a counterbalance to Western hegemony.
On Aug. 24, 2023, BRICS announced that it would formally accept six new members at the start of 2024: Saudi Arabia , Iran , Ethiopia , Egypt , Argentina , and the United Arab Emirates (UAE) .
In this graphic, Visual Capitalist’s Marcus Lu and Bhabna Banerjee provide a data-driven overview of how the BRICS expansion will grow the group’s influence and reach. Share of Global GDP
Because most of the new BRICS members are considered to be developing economies, their addition to the group will not have a major impact on its overall share of GDP.The following table includes GDP projections for 2023, […]
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