EQ1 BRICS vs G7

Question 1

What does BRICS stand for?

Answer 1

Brazil, Russia, India, China, and South Africa

BRICS is an acronym representing these five major emerging economies.

Question 2

What is the primary purpose of BRICS?

Answer 2

Voice for emerging economies and challenge western dominance of global affairs

BRICS aims to provide a platform for emerging economies to collaborate and assert their influence.

Question 3

How many countries are interested in joining BRICS? Give examples

Answer 3

More than 40 countries

Countries such as Iran and Saudi Arabia have expressed interest in joining BRICS.

Question 4

When was BRICS formed? When did south Africa join

Answer 4

2009

South Africa joined the group in 2010.

Question 5

What percentage of the global population do BRICS countries represent?

Answer 5

More than 40%

This statistic highlights the significant demographic weight of BRICS.

Question 6

What fraction of the world’s GDP do BRICS countries account for?

Answer 6

Almost 1/3

This indicates the economic significance of BRICS in the global landscape.

Question 7

According to the IMF, what has BRICS already overtaken?

Answer 7

G7’s share of the global economy based on purchasing power parity

This shift signifies changing economic power dynamics.

Question 8

What do projections by Goldman Sachs indicate about the global economic balance?

Answer 8

Shifting towards the BRICs and emerging economies

This suggests a long-term trend favoring these economies.

Question 9

By 2050, which country is expected to become the world’s largest economy?

Answer 9

China

India is projected to be the third largest economy by the same year.

Question 10

What is one reason countries want to join BRICS?

Answer 10

To gain access to the Block’s new development bank

This bank, founded in 2014, aims to counter the influence of the IMF and World Bank.

Question 11

What countries are included in the G7?

Answer 11

Canada, France, Germany, Italy, Japan, the USA, and the UK

G7 represents some of the world’s largest advanced economies.

Question 12

What is the hardest part about BRICS overtaking G7?

Answer 12

To form a united voice on major global issues

Internal consensus is crucial for BRICS to effectively challenge G7.

Question 13

What does BRICS aim to be in relation to G7?

Answer 13

An alternative

This reflects the desire for a multipolar world order.