How China’s economy dwarfs that of other BRICS nations, in 4 charts
From the size of the overall GDP to an individual citizen’s prosperity, here is how BRICS nations stand.
A group photo of BRICS leaders at the 2017 summit. (Wikimedia Commons) Over the weekend (September 12 and 13), India will host the 18th BRICS Summit in New Delhi. BRICS is an informal grouping of 11 major emerging markets and developing countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates.
However, it started out as BRIC — referring to the four countries that initially came together, namely Brazil, Russia, India, and China — on the sidelines of the United Nations General Assembly in New York in 2006. In 2010, South Africa joined the grouping, and it was renamed BRICS.
The idea was to provide a platform for the concerns of emerging economies of the time and counter the overwhelming domination of the industrialised and developed economies (read: the G7) in international institutions.
This is the 20th year since the grouping began, but curiously enough, there is now a dragon in the room: China. Key economic data shows just how much China dwarfs the rest of the BRICS members.
Typically, economic might is ascertained by the overall size of the economy as measured by the Gross Domestic Product (GDP) in US dollar terms. Similarly, economic prosperity is measured by GDP per capita, which gives a semblance of how rich an average citizen is in a country.
Overall size of the economy
Even in 2006, China was the largest economy among the five countries after which the grouping is named. Yet, as CHART 1 shows, when taken together — and for the ease of analysis, data for South Africa is taken since 2006 — China’s overall GDP was less than the GDP of the other four members.
Chart 1.
Chart 2.
Chart 3.
Chart 4.