BRICS Overtakes G7 Economies, Seeks to Ditch Dollar and Widen Lead

BRICS alliance has overtaken G7 countries in purchasing power parity (PPP), contributing 31.5% to global GDP vs G7's 30.7%.

BRICS is economically ahead of G7 by 0.8% and the gap could widen if BRICS ditches the US dollar for trade.

G7 comprises rich, industrialized countries like the US, Canada, France, Italy, Germany, Japan and the UK.

BRICS expanded to an 11-member group by adding new countries at its recent summit.

BRICS is persuading developing countries to challenge G7 and stop using the US dollar, which could damage the American economy.