What is the BRICS?
The BRICS bloc has expanded significantly since its inaugural summit in 2009, attended by founding members Brazil, Russia, India and China. In 2010, South Africa became the fifth member. The 2024 additions of Egypt, Ethiopia, Iran and the UAE saw the group expand to nine countries and in January 2025 Indonesia became the tenth BRICS member. The expanded group is sometimes referred to as the BRICS+.
There is no formal application process to join BRICS, but any country with ambitions to do so must receive the unanimous backing of all member states. For example, Pakistan’s application in 2023, and Venezuela’s in 2024, were blocked by India and Brazil, respectively.
The grouping is informal and has no founding treaty, no administrative office supporting it and no headquarters. Presidency rotates annually between the five initial BRICS members, though this process is under review since the bloc’s expansion in 2024. The BRICS presidency requires a country to set an agenda for the year and host a summit.
Brazil took over the BRICS presidency for 2025 and set an agenda focusing on “Global South Cooperation”. While BRICS is an informal group with no official directive, a generally accepted objective highlighted by Brazil’s 2025 agenda is for the group to create an alternative to the Western-dominated system of global economic governance.
GDP and GDP growth
The BRICS importance to the world economy is underlined by its share of world gross domestic product (GDP). In 2024, BRICS member countries are estimated to have accounted for 28% of world GDP. With the induction of Indonesia, that is expected to become 30% in 2025, a level which is projected to be maintained for the next five years according to IMF forecasts. Including partner countries adds around 2% to the BRICS’ share of world GDP. The contribution of China is sizeable, with the world’s second largest economy accounting for around two-thirds of BRICS GDP.
While the BRICS outshines the G7 in terms of population and demographic profiles, the dynamic is reversed when looking at the level of GDP. However, this could soon change given the respective growth trajectories of the two groups. BRICS comprises emerging market economies, meaning its members tend to exhibit higher GDP growth rates than those of the G7 economies, which are developed economies.
From 2010 to 2023, the G7 and BRICS accounted for 32% and 42% of world GDP growth respectively. Furthermore, with the 2025 expansion of the BRICS, the group is forecast to account for 58% of GDP growth from 2024 to 2029, while the G7’s share of GDP growth is expected to decline to around 25%.
Thus, while the G7 dwarfs the BRICS in terms of current GDP, the growth trajectory is one in which the overall size of the BRICS economy could soon overtake that of the G7. Indeed, if GDP is measured in purchasing power parity instead of 2015 USD then the level of BRICS GDP overtook that of the G7 in 2018.