Comparing the GDP of BRICS and the G7: Visualized
BRICS is set to add six new member states at the start of 2024, raising questions about the expansion of the group’s growing economic power. With its new entrants, the bloc will represent over $30 trillion in GDP or around 29% of the world’s GDP.
This graphic compares the GDP of BRICS nations to the G7 by using GDP projections for 2023 from the International Monetary Fund (IMF).
Even with its new members, BRICS falls short of the G7’s 43% share of global GDP. However, the gap is likely to shrink as major BRICS nations such as India continue to grow at above-average rates—and as the group likely welcomes even more members in the future.
How Does BRICS Compare to the G7 with its New Members?
Prior to the addition of its new members (Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE), BRICS had a cumulative GDP of $27.7 trillion, a 26% share of global GDP. BRICS’ new members add $3.1 trillion of GDP to the bloc, with Saudi Arabia contributing the most thanks to its GDP of $1.1 trillion.
In the tables below, you can see how new members affect the bloc’s GDP, and how the BRICS compare to G7 countries.
|BRICS Countries||2023 GDP (USD billions)||Share of Global GDP|
|🇿🇦 South Africa||$399||0.4%|
|🇸🇦 Saudi Arabia*||$1,062||1%|
*New additions to BRICS that will join bloc on January 2024
|G7 Countries||2023 GDP (USD billions)||Share of Global GDP|
Even with its new members, BRICS still falls short of the G7’s $45.9 trillion in GDP, however, the new members do add other contributions besides raw GDP to the bloc.
With the addition of Saudi Arabia, the UAE, and Iran, BRICS more than doubles its members’ share of global oil production to 43%. Along with petroleum, Argentina’s addition to BRICS significantly expands the total lithium reserves of the group, which will be key as global battery production and EV adoption continue to grow.
As BRICS seems set to create an alternate trade and financial system that operates independently from the U.S. dollar, adding nations with more natural resources is essential.
Future Economic Growth of BRICS vs. G7 Nations
While the new BRICS members don’t have too big of a GDP contribution to the bloc currently, it’s worth noting that many of the new entrants have significant growth ahead of them.
Many of BRICS’ current members already have real GDP growth rates that are higher than their G7 counterparts, with current members having an average GDP growth of 189% to 2050 compared to the G7’s average of 50%, according to Goldman Sachs.
BRICS’ newly added members like Ethiopia (1,170% GDP growth projected by 2050) and Egypt (635% GDP growth projected by 2050) have even higher rates of potential economic growth, further raising the bloc’s economic potential.
Goldman Sachs forecasts indicate that by 2050, BRICS will have overtaken the G7 in terms of GDP, even without its newly added members. Whether or not these projections pan out is yet to be determined, however with BRICS intent on adding even more members, the group is likely to eclipse the G7’s GDP in the coming decades.
How Much Do Americans Trust the Media?
Media trust among Americans has reached its lowest point since Trump won the 2016 presidential election.
How Much Do Americans Trust the Media?
Media trust among Americans has reached its lowest point in six years.
Gallup began its survey on media trust in 1972, repeating it in 1974 and 1976. After a long period, the public opinion firm restarted the polls in 1997 and has asked Americans about their confidence level in the mass media—newspapers, TV, and radio—almost every year since then.
The above graphic illustrates Gallup’s latest poll results, conducted in September 2023.
Americans’ Trust in Mass Media, 1972-2023
Americans’ confidence in the mass media has sharply declined over the last few decades.
|Trust in the mass media||% Great deal/Fair amount||% Not very much||% None at all|
In 2016, the number of respondents trusting media outlets fell below the tally of those who didn’t trust the media at all. This is the first time that has happened in the poll’s history.
That year was marked by sharp criticism of the media from then-presidential candidate Donald Trump.
In 2017, the use of the term ‘fake news’ rose by 365% on social media, and the term was named the word of the year by dictionary publisher Collins.
The Lack of Faith in Institutions and Social Media
Although there’s no single reason to explain the decline of trust in the traditional media, some studies point to potential drivers.
According to Michael Schudson, a sociologist and historian of the news media and a professor at the Columbia Journalism School, in the 1970s, faith in institutions like the White House or Congress began to decline, consequently impacting confidence in the media.
“That may have been a necessary corrective to a sense of complacency that had been creeping in—among the public and the news media—that allowed perhaps too much trust: we accepted President Eisenhower’s lies about the U-2 spy plane, President Kennedy’s lies about the ‘missile gap,’ President Johnson’s lies about the war in Vietnam, President Nixon’s lies about Watergate,”
Michael Schudson – Columbia Journalism School
More recently, the internet and social media have significantly changed how people consume media. The rise of platforms such as X/Twitter and Facebook have also disrupted the traditional media status quo.
Partisans’ Trust in Mass Media
Historically, Democrats have expressed more confidence in the media than Republicans.
Democrats’ trust, however, has fallen 12 points over the past year to 58%, compared with 11% among Republicans and 29% among independents.
According to Gallup, Republicans’ low confidence in the media has little room to worsen, but Democrat confidence could still deteriorate and bring the overall national reading down further.
The poll also shows that young Democrats have less confidence in the media than older Democrats, while Republicans are less varied in their views by age group.
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