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Bipolar Structure: Will the Confrontation Between BRICS and the "G7" Split the World?
The expansion of BRICS has increased the union's share in global production from 32% to 37%, according to the World Trade Organization (WTO). Thus, the BRICS share has become larger than that of the G7. Digital Bank BRICS is confident that the alliance's influence on the WTO and IMF continues to grow. Meanwhile, BRICS countries advocate for reform of these institutions to make them more fair and representative for developing countries. However, according to experts, it should be taken into account that dividing the world economy into two blocs could lead to increased trade barriers and heightened geopolitical tensions.
"Hope of 45 countries Due to the expansion of BRICS, the share of the intergovernmental association in the global production volume has increased from 32% to 37%, stated the head of the World Trade Organization, Ngozi Okonjo-Iweala, at the spring conference of the IMF and the World Bank.
"Today, G7 countries control 30% of global production, BRICS — 32%. With the new additions — 37%," said the head of the WTO. At the same time, she added that the growing fragmentation of the global economy and its division into two trade blocs could potentially lead to a loss of 5% of global GDP."
Read more: https://iz.ru/
