Rupee

Gold

<div class="watcher-guru">
 <p>The BRICS alliance has overtaken G7 countries in terms of purchasing power parity (PPP). According to data from the UK-based research firm Acorn Macro Consulting, BRICS contributes 31.5% to the global GDP. The G7 alliance is slightly behind BRICS as the group of developed countries contributes 30.7% to the world’s GDP. Therefore, BRICS is economically ahead of the G7 alliance in PPP by 0.8% in 2023.</p>
 <p><strong>Also Read: BRICS: India Unhappy About Ditching the US Dollar For Oil</strong></p>
 <p>If BRICS begins a full-fledged attempt to ditch the US dollar for global trade, then the gap in GDP could widen further. The move might put the developed Western countries on the back foot and tilt the financial power to the East. Read here to know how many sectors in the US will be affected if BRICS completely stops using the dollar.</p>
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 <p>The <a rel="noopener noreferrer nofollow" title="G7" href="https://thebittimes.com/tag/g7.html">G7</a> is a group of rich, industrialized, and developed countries and falls slightly behind the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance in GDP. The group boasts of countries such as the US, Canada, France, Italy, Germany, Japan, and the UK. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> turned into an 11-member group this year after taking a historical decision to expand the bloc at the 15th summit in August this year.</p>
 <p><strong>Also Read: </strong><strong><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Traders Call Out India for Meddling in US Dollar &amp; Rupee Trade</strong></p>
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 <h2 class="wp-block-heading" id="h-brics-convinces-other-developing-countries-to-challenge-g7-amp-the-us-dollar">BRICS Convinces Other Developing Countries To Challenge G7 &amp; the US Dollar</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="768" src="https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp" alt="brics alliance countries flags" class="wp-image-108986" srcset="https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 1024w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 300w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 768w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 1536w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 380w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 550w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 800w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 1160w, https://cdn.thebittimes.com/images/2023/10/17/c88c6cc129f4d11fbfebb57a265333b4.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>The BRICS alliance is convincing other developing countries in Asia, Africa, and South America to challenge the G7 bloc. BRICS is also persuading other countries to ditch the US dollar for global trade and use local currencies instead. The development will strengthen their native economies leading to a decline in demand for the US dollar in the international markets.</p>
 <p><strong>Also Read: U.S. Dollar Outperforms All 11 BRICS Currencies &amp; Gold</strong></p>
 <p>If the US dollar has no demand, it would find no means to fund its deficit leading to turmoil in the American economy. In conclusion, <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> could create further damage to <a rel="noopener noreferrer nofollow" title="G7" href="https://thebittimes.com/tag/g7.html">G7</a> and the US dollar if they play their cards right. If the US dollar is no longer used for global trade, then <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> could flex their muscles against the <a rel="noopener noreferrer nofollow" title="G7" href="https://thebittimes.com/tag/g7.html">G7</a> group.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>G7</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-is-now-richer-than-g7-countries-tbt66711.html">https://thebittimes.com/brics-is-now-richer-than-g7-countries-tbt66711.html</a></p>

BRICS Is Now Richer Than G7 Countries

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