Macro Economics- BRICS Oil Nations, GDP

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Hi Traders, Investors and Speculators of Charts 📈💰

The 15th BRICS summit was held in South Africa from August 22-24, 2023. There have been some important updates that concluded from this summit and if you're an active trader / speculator in the Forex, stocks or commodities market, you NEED to know about this.

The BRICS countries (Brazil, Russia, India, China, and South Africa) now control 30% of the entire global economy. This is up from 17% in 2000 and 23% in 2010 . The BRICS countries are also home to 42% of the world's population.

Incase you missed the previous article, find it here:

BRICS Total GDP With New Members:

Brazil: $2.08 trillion
Russia: $2.06 trillion
India: $3.74 trillion
China: $19.37 trillion
South Africa: $399 billion
Saudi Arabia: $1.06 trillion
Argentina: $641 billion
UAE: $499 billion
Egypt: $387 billion
Iran: $367 billion
Ethiopia: $156 billion

BRICS will now control 30% of the global economy.

If you're invested in any BRICS related stocks or Forex markets, this concerns you!

The summit outcomes are expected to lead to a weaker US dollar in the near term. This means that currencies against the dollar will strengthen. This is because the BRICS countries are collectively a major source of demand for commodities, such as oil and gold.

The outcomes of this summit lead to proposed increased investment in the BRICS economies. This could lead to higher demand for commodities, which would put upward pressure on commodity prices and the value of currencies of commodity-exporting countries, such as the Brazilian real and the Russian ruble. This would make the US dollar less attractive to investors, which could lead to a weaker dollar.

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