BRICS’ Surpasses G7 in Global Economy Share – Russian Central Bank : Analysis

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The BRICS states now account for 35% of the world’s GDP in PPP terms, surpassing the G7, according to Elvira Nabiullina, the head of the Russian central bank. This increase in share is attributed to the addition of new members. The BRICS economies are developing rapidly and play an important role in the global economy. Last year, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates joined the group. Although Argentina initially accepted the invitation, they later reversed the decision. With the inclusion of these new nations, BRICS is set to command over 40% of global crude oil production and have a population of nearly 3.6 billion. Other countries, such as Venezuela, Thailand, Senegal, Cuba, Kazakhstan, Belarus, Bahrain, and Pakistan, have expressed interest in joining BRICS. In contrast, the G7’s share in global GDP in PPP terms has been declining, dropping from 50.42% in 1982 to an expected 29.44% this year.

The article presents information about the growing economic influence of the BRICS states (Brazil, Russia, India, China, and South Africa) compared to the G7 countries. The source of this information is not provided, so the credibility of this statement cannot be determined. The inclusion of new members in the BRICS group is mentioned, but there is no indication of when this happened or any sources to back up these claims. While it is possible that these countries have expressed interest in joining BRICS, it is unclear if any formal invitations have been extended.

The article also mentions that the BRICS countries will command over 40% of global crude oil production and have a population of nearly 3.6 billion. Again, there is no source provided for these figures, so their accuracy cannot be verified.

The article seems to present a positive view of the BRICS countries, emphasizing their increasing share of global GDP and potential growth. However, without credible sources, it is difficult to assess the accuracy of this information. The lack of sources and specific details make it challenging to determine the reliability of the article.

In terms of potential bias, the article does not explicitly state any political or ideological affiliations. However, the positive portrayal of the BRICS countries and the contrasting decline of the G7’s share in global GDP may indicate a bias towards countries outside of the Western world.

The political landscape and the prevalence of fake news can influence the public’s perception of the information presented in this article. If readers are not critical and do not seek additional reliable sources to verify the claims made, they may be susceptible to misinformation. Additionally, the politicization of international relations and economic competition between countries can lead to biased reporting and selective presentation of facts. It is crucial for readers to be discerning and analyze information from multiple sources to form a nuanced understanding of the topic.

Source: RT news: BRICS’ share in global economy overtakes G7 – Russian central bank

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