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The share of the BRICS GDP in purchasing power parity (PPP) has grown from 37% to 40%. The G7 countries’ share of global GDP in PPP currently stands at 29%. Therefore, the BRICS alliance is ahead by 11% in PPP than its Western counterparts. The bloc is growing in economic independence, threatening the dominance of the US and the West. “The BRICS countries’ share in global GDP 40% in terms of purchasing power parity (PPP), exceeded that of the G7 29% even before the expansion of the association,” said Russian Foreign Minister Sergey Lavrov. His statement drew attention in a changing economic landscape where developing countries are gaining an upper hand. Also Read: BRICS mBridge Project: What Is It & How It Could Shift Dollar Dominance Plans To Further Increase the BRICS GDP in PPP Underway Source: Getty Images Lavrov explained that specific proposals were put forward during the summit in Kazan that could increase BRICS GDP in PPP. The proposals include the forma...

The BRICS alliance is likely to expand next, as 34 countries have expressed their interest in joining the bloc. While 23 countries have officially submitted their applications, 11 nations have informally expressed interest in being a part of the alliance. The alliance, which started in 2009, consisted of Brazil, Russia, India, China, and South Africa. It later expanded in 2024, when five new countries were officially inducted into the group. The five new countries that joined BRICS are Egypt, Ethiopia, Iran, the UAE, and Indonesia. It is now a 10-member bloc with an additional 13 ‘partner countries’ being a part of the grouping. Also Read: BRICS Rejects USD: 50% of Transactions in Chinese Yuan List of 10 Countries That Could Join BRICS Alliance Next Source: AFP BRICS is likely to induct 10 new countries next and is weighing the pros and cons that they bring to the table. From oil-producing nations to mineral-rich countries and countries with growing GDPs, everything is being...

The world is now increasingly adopting diverse financial practices, including exploring alternatives in all major domains to safeguard their assets. With new elements coming in, investors now have a broader spectrum of safe-haven assets to explore. Rising geopolitical tensions coupled with aggressive foreign policies have weakened the US dollar, with the faith in the American currency weakening by the day. Here are three prominent reasons why the US dollar is not the safe haven asset that it used to be. Also Read: BRICS: Global Alliances Must Unite to Topple the US Dollar’s Supremacy US Dollar May Not Be Considered A Safe Haven Asset Anymore: Here’s Why 1. Plunging Share in Global Reserves Source: MoneyControl There was a time when the US dollar used to dominate global reserve shares. Nearly all major economies had abundant USD shares, with the American currency enjoying exclusive perks of being the “only” currency that held major power over its peers and competitors. However, wit...