Evaluation of Macroeconomic Indicators of Expanding BRICS Countries

Abstract

In the twenty-first century, rapid and significant changes have occurred in the global economic system and global politics. While the growth rates of developed Western economies are decreasing, some of the developing country economies have attracted attention with their high growth rates. These economies, which increase their growth rate and national income thanks to their cheap labor and low production costs, can attract large amounts of foreign capital, and appear to be more resistant to economic crises; Brazil, Russia, India, China and the Republic of South Africa, which was later included in the group, were called BRICS and were seen as the emerging economies of the future. BRICS took its second expansion decision in 2023 and became an 11 member bloc, which we can call BRICS+6, with six new members joining the group as of 2024. The aim of this study is to examine the BRICS+6 countries that emerged with the expansion in terms of important macroeconomic indicators and to make comparisons with statistical data. Accordingly, BRICS+6, which was formed after enlargement, covers 33,5% of the world's surface area, approximately 46,1% of the population, approximately 29% of world GDP, approximately 21,7% of goods and services exports and services will account for approximately 19,8% of its imports. In addition, BRICS+6 countries are becoming the bloc where the countries with the highest participation in the world labor force, the highest production and consumption, and the countries with the world's largest oil, natural gas and mineral reserves come together. This situation makes the BRICS+6 countries an important power center in terms of the impact they will have on the global economy, global governance and the formation of positive multipolarity in international relations in the economic and political conjuncture of the world.