BRICS to surpass G7 in global export market share : Analysis

Ernst & Young India projects that the BRICS group may surpass the G7 countries in global merchandise exports by 2026. According to a recent report, BRICS’ share of global merchandise exports has risen from 10.7% in 2000 to 23.3% in 2021, while the G7 share has decreased from 45.1% to 28.9%. The report also highlights BRICS’ dominance in sectors like textiles, telecommunications equipment, and high technology exports. BRICS nations collectively have increasingly become net exporters to the rest of the world. EY suggests that BRICS could compete and cooperate with the G7 in shaping global economic and trade policies. Furthermore, the report indicates a potential shift in global economic dynamics due to the rising influence of the BRICS group and a decline in the dominance of the US dollar.

Analysis:
The article presents a projection by Ernst & Young India regarding the potential growth of the BRICS countries in global merchandise exports, suggesting that they could surpass the G7 by 2026. The data provided indicates a rise in BRICS’ share of global exports and highlights their dominance in specific sectors. The report speculates on the possibility of BRICS countries shaping global economic and trade policies and hints at a shift in global economic dynamics.

While Ernst & Young is a reputable firm, the article lacks specific details on the methodology or data sources used for these projections, raising questions about the reliability of the information. Additionally, the article does not provide a balanced view by discussing potential drawbacks or challenges that the BRICS countries might face in achieving this growth.

Considering the political landscape and the prevalence of sensationalized or misleading information, readers should approach this article with caution. The projections provided could be influenced by various biases or geopolitical factors, and as such, it is crucial to seek additional sources or expert opinions to develop a more nuanced understanding of the topic. The information presented in the article, if taken at face value, could contribute to a skewed perception of the global economic landscape and the potential role of the BRICS countries in shaping it.

Source: RT news: BRICS to outpace G7 in global exports share – report