The Silk Road Briefing website, run by Dezan Shira & Associates, posted March 27 that, “The BRICS Has Overtaken the G7 in Global GDP” as of 2022. Dezan Shira is a “market analysis and intelligence” firm with headquarters in 100 countries. The report is that in 2022 the BRICS contributed 31.5% of global GDP by purchasing power parity, compared to the G7 share of 30%.
The story was first broke by Scott Ritter in a special to Consortium News on March 22, in “G7 vs BRICS—Off to the Races,” which cites the findings by one Richard Dias, founder of Acorn Macro Consulting. Reports Ritter: “After rooting through the IMF’s World Economic Outlook Data Base, Dias conducted a comparative analysis of the percentage of global GDP adjusted for PPP between the G7 and BRICS, and made a surprising discovery: BRICS had surpassed the G7.
“This was not a projection, but rather a statement of accomplished fact: BRICS was responsible for 31.5% of the PPP-adjusted global GDP, while the G7 provided 30.7%. Making matters worse for the G7, the trends projected showed that the gap between the two economic blocs would only widen going forward.” (https://consortiumnews.com/2023/03/22/scott-ritter-g7-vs-brics-off-to-the-races/)
It is interesting to consider that GDP adjusted for purchasing power parity (effectively, with the value of the nation’s currency adjusted by its ability to purchase domestically, the elements of a moderate to high living standard), is strongly related to national economic productivity, and could approximate the adjustment of currency exchange rates which would obtain in a new, fixed-exchange-rate monetary agreement.
