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Geopolitical Economy Report
BRICS grows, adding Indonesia as member: world's 4th most populous country, 7th biggest economy
Jan 7, 2025
BRICS expands, welcoming Indonesia, the world's 4th most populous nation and 7th largest economy. With its new membership, BRICS now represents 41.4% of global GDP and nearly half the world’s population. The podcast explores Indonesia's strategic ties with China and its significant role in the nickel market. Historical context is provided, discussing past U.S. interventions and the shift towards cooperation with the Global South. The conversation also highlights BRICS' potential challenge to U.S. dollar dominance through alternative financial systems.
25:06
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Quick takeaways
- The inclusion of Indonesia in BRICS marks a significant shift in global economic power, representing 41.4% of global GDP and half the world's population.
- Indonesia's strategic industrial policies, particularly in nickel production, highlight its commitment to economic sovereignty and collaboration with BRICS members for sustainable growth.
Deep dives
BRICS Expansion and Economic Significance
BRICS has shown significant growth with the recent addition of Indonesia as its newest member in January 2025, expanding its membership to ten countries, which now represent 38.8% of the global economy in terms of GDP at purchasing power parity. The inclusion of Indonesia, the fourth most populous and seventh-largest economy globally, highlights the organization's focus on enhancing collaboration among formerly colonized countries, providing them with a platform to develop economically and challenge Western financial hegemony. The total representation of BRICS and its partner countries reaches 41.4% of the global economy, showcasing the waning influence of the G7, which has dropped from 47% in 1992 to only 29% as of 2024. Data shows a clear trend: while BRICS nations are increasing their share of the global economy, the Western-dominated G7's influence is declining over the same period.
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