BRICS Bloc Expands to 9 Countries, Aims to Boost Use of Local Currencies Over US Dollar

BRICS now consists of 9 countries - Brazil, Russia, India, China, South Africa, UAE, Egypt, Iran, and Ethiopia. Saudi Arabia also invited to join.

Bloc aims to shift away from US dollar to boost use of local currencies in global trade. Could affect many US sectors.

Putin forecasts BRICS share of global GDP reaching 37% by 2028, while G7 nations fall below 28%.

Rapid economic growth in India and other BRICS countries driving shift in global economic power.

If current trends continue, India could soon become 3rd largest global economy, overtaking Germany and Japan.