Is BRICS Expansion Significant for Global Trade and GDP?
Year: 2024
Type: article
Abstract: Five members of the BRICS association had invited six other countries, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the UAE to join the group from 1 January 2024; four of these accepted the invitation. The paper discusses the critical questions as to whether this expansion will enable the BRICS+ to become a greater contributor to the world GDP and trade, and if the intra-BRICS trade will be more significant than it is now. We expect the share of expanded BRICS in the global GDP to increase by 3%, reaching 28% and the share in the world trade to increase by 5%; the intra-BRICS trade should also rise by 5%. The intra-BRICS trade of the old members has grown considerably over the years. The share of exports by the new members is not large; it increases for some of them and decreases for others, with exports to the older members being much greater than those to the newer members.
Source: BRICS Journal of Economics
Authors: Sushil Kumar, Afsah Shahid, Manmohan Agarwal
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4405639035