Animated Chart: G7 vs. BRICS by GDP (PPP)
Fifty years ago, the government finance heads from the UK, West Germany, France, and the U.S. met informally in the White House’s ground-floor library to discuss the international monetary situation at the time. This is the origin story of the G7.
This initial group quickly expanded, adding Japan, Italy, and Canada, to solidify a bloc of the biggest non-communist economies at the time. As industrialized countries that were reaping the benefits of the post-war productivity boom, they were economic juggernauts, with G7 economic output historically contributing around 40% of global GDP.
However, the more recent emergence of another international group, BRICS (Brazil, Russia, India, China, and South Africa), has been carving out its own section of the global economic order.
This animation from James Eagle uses data from the International Monetary Fund (IMF) and charts the percentage contribution of the G7 and BRICS members to the world economy. Specifically it uses GDP adjusted for purchasing power parity (PPP) using international dollars.
Charting the Rise of BRICS vs. G7
The acronym “BRIC”, developed by Goldman Sachs economist Jim O’Neill in 2001, was used to identify four fast-growing economies in similar stages of development. It wasn’t until 2009 that their leaders met and formalized their relationship, later inviting South Africa to join in 2010.
While initially banded together for investment opportunities, in the last decade, BRICS has become an economic rival to G7. Several of their initiatives include building an alternate global bank, with dialogue underway for a payment system and new reserve currency.
Below is a quick look at both groups’ contribution to the world economy in PPP-adjusted terms.
|Global GDP Share||1992||2002||2012||2022|
A major contributing factor to BRICS’ rise is Chinese and Indian economic growth.
After a period of rapid industrialization in the 1980s and 1990s, China’s exports got a significant boost after it joined the World Trade Organization in 2001. This helped China become the world’s second largest economy by 2010.
India’s economic rise has not been quite as swift as China’s, but by 2022, the country ranked third with a gross domestic product (PPP) of $12 trillion. Together the two countries make up nearly one-fourth of the PPP-adjusted $164 trillion world economy.
The consequence of using the PPP metric—which better reflects the strengths of local currencies and local prices—is that it has an outsized multiplier effect on the GDPs of developing countries, where the prices of domestic goods and services tend to be cheaper.
Below, we can see both the nominal and PPP-adjusted GDP of each G7 and BRICS country in 2023. Nominal GDP is measured in USD with market-rate currency conversion, while the adjusted GDP uses international dollars (using the U.S. as a base country for calculations) which better account for cost of living and inflation.
|Country/Group||Membership||Nominal GDP (2023)||PPP GDP (2023)|
|🇿🇦 South Africa||BRICS||$0.4T||$1.0T|
By the IMF’s projections, BRICS countries will constitute more of the world economy in 2023 ($56 trillion) than the G7 ($52 trillion) using PPP-adjusted GDPs.
How Will BRICS and G7 Compare in the Future?
China and India are in a stage of economic development marked by increasing productivity, wages and consumption, which most countries in the G7 had previously enjoyed in the three decades after World War II.
By 2028, the IMF projects BRICS countries to make up one-third of the global economy (PPP):
|Country by GDP (PPP)||Membership||% World Economy (2028p)|
|🇿🇦 South Africa||BRICS||0.5%|
BRICS vs. the World?
The economic rise of BRICS carries geopolitical implications as well.
Alongside different political ideals, BRICS’ increasing power gives its member countries financial muscle to back them up. This was put into sharp perspective after the 2022 Russian invasion of Ukraine, when both China and India abstained from condemning the war at the United Nations and continued to buy Russian oil.
While this is likely concerning for G7 countries, the group of developed countries still wields unparalleled influence on the global stage. Nominally the G7 still commands a larger share of the global economy ($46 trillion) than BRICS ($27.7 trillion). And from the coordination of sanctions on Russia to sending military aid to Ukraine, the G7 still wields significant influence financially and politically.
In the next few decades, especially as China and India are earmarked to lead global growth while simultaneously grappling with their own internal demographic issues, the world order is only set to become more complex and nuanced as these international blocs vie for power.
This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Visualizing the Most Sought-After Entry Level Jobs in 2023
Some jobs need a degree, while others don’t. Here are the top 20 most sought-after entry level jobs with and without a degree.
The Most Sought-After Entry Level Jobs of 2023
In the fast-paced realm of job hunting, staying ahead of the curve is crucial. And if you are an entry-level job applicant, the pressure is a notch higher.
New entrants in any job market today compete with groundbreaking technology like ChatGPT in addition to their peers. In the United States, these applicants have to also wade through an uncertain labor market, inflation, and long lists of job requirements.
Indeed.com has identified the most sought-after entry level positions for applicants both with and without a degree in the U.S., and the year-on-year growth of these job postings.
Most Sought-After Entry-Level Jobs With a Degree
As the U.S. job market recovers from its pandemic slump, some careers are now booming. This in turn has opened up numerous opportunities for entry-level job applicants.
|Rank||Job Title||Average Annual Salary||Change in Postings
|1||Outside Sales Representative||$60,000||+258%|
|8||Network Operations Technician||$85,500||+94%|
|9||Mental Health Manager||$42,000||+93%|
|12||Patient Access Manager||$90,000||+77%|
|14||Lead Generation Specialist||$62,500||+73%|
|16||Pharmaceutical Sales Representative||$74,378||+71%|
|18||Special Events Coordinator||$54,000||+67%|
The demand for sales jobs multiplied this year as customer-facing businesses slowly returned to their pre-pandemic levels.
At the top of this list is the job for an Outside Sales Representative. Paying upwards of $60,000, postings for this job have grown by over 250% in a year, making it the most sought-after position for applicants with a degree.
The healthcare industry has secured its place in the top ranks too. Careers including mental health case managers, speech pathologists, behavioral therapists, and patient access managers dominate the Top 20 list.
Let’s not forget about the tech sector. While entry-level network technicians can earn upwards of $85,000 on average, while IT engineers are paid an entry package of over $90,000.
Most Sought-After Entry-Level Jobs Without a Degree
Nearly 65% of the U.S. working population does not have a four-year degree. However, millions of these workers continue to be highly skilled across professions and have a shot at some of the most sought-after entry level jobs in the country.
|Rank||Job Title||Average Annual Salary||Change in Postings
|2||Auto Body Technician||$82,500||+100%|
|3||Environmental Health and Safety Specialist||$65,000||+100%|
|7||Sheet Metal Mechanic||$62,140||+67%|
|8||Aircraft Maintenance Technician||$57,500||+64%|
|11||Route Sales Representative||$50,000||+51%|
|13||Distribution Center Coordinator||$52,500||+47%|
|14||General Maintenance Technician||$40,650||+46%|
|15||Patient Care Coordinator||$43,152||+44%|
|18||Field Sales Representative||$57,018||+42%|
One example of this job is that of an Inventory Manager. The demand for skilled inventory managers in warehouses and companies post-pandemic has doubled the position’s job share in a year.
One of the highest paying non-degree jobs in this list—Auto Body Technician—can fetch highly-skilled entry-level workers a salary of $82,000 per year.
These jobs don’t seem to require a degree according to Indeed. However, the rising competition for these positions might give the upper edge to applicants with one, especially for jobs on the list such as Business Analyst and Relationship Banker.
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