The Largest Economies, G7, and BRICS
The list below is entirely split between the G7 and the BRICS. All the G7, or Western unipolar countries, have debt exceeding their GDP, yet these countries still act like they are rich. If a business or an individual were that indebted, this would have affected their credit score or living standard.
However, these countries are hiding behind an unfair practice that grants them unlimited borrowing, living beyond their means, and exploiting the global monetary system to keep them floating and touting like rich countries, while the global south wallows in poverty.
On the other hand, BRICS countries have debts far lower, sometimes 10 times lower than their GDP; these are the truly rich countries. It is exactly why BRICS+ is fighting for a multipolar world, and interest in the group from the global south has skyrocketed.
A typical example is the US, with a GDP of $26.8 trillion and a debt of $33 trillion, which is a deficit of $6.2 trillion. Meanwhile, China stands at $19.3 trillion and has a debt of $2.6, which is a plus of $16.7 trillion.
Top Ten Largest Economies and their Debts
Who are these debts owed to? Should this not impact the ratings of these countries? Why are these countries still acting like they are rich? Almost all, if not all, the monetary institutions and rating agencies are based in these countries (G7), and trading and transactions around the world are conducted using the US dollar. The US can print as much money as it wants without suffering from inflation, as its currency is the world’s local currency. Its economic blueprint is based more on fictitious numbers than actual production. Tesla, for example, produces significantly fewer automobiles; in fact, Tesla is not even in the top ten in terms of car production, but it has the largest market capital of any automobile company. Tesla, in fact, has three times more market share than Toyota, which is the largest car manufacturing company in terms of production.
Car Manufacturer by Production in 2023
Car Manufacturer by Market Cap
On revenue figures drawn from 2021, Tesla did not even make the top ten either. From the good old trade by barter to the conventional production to exchange of goods, the US and the West have indulged in a fictitious wealth creation module that deviated from the traditional production-based, which is the most accurate measurement of wealth achievement.
Car Manufacturer by Revenue in 2021
The G7 total GDP gross is $45.6 trillion against a staggering $61.7 trillion debt, which is a deficit of $16.7 trillion. Even the most layperson with basic arithmethic skills can tell you that this infers a people, state, or G7 that is broke—plain and simple. BRICS, on the other hand, has a GDP of $27.4 trillion against a debt of just $3.95 trillion, which is a balance of $23.4 trillion. Again, any layperson could see who is doing well here. BRICS have economies that play by the traditional production-based wealth generation module.
GDP and Debt of The G7 Countries vs that of the BRICS Countries
For so long, the global south has sweated while the west floats on imaginary growth. BRICS is here to change this one-sided setup that has lasted longer than it should. In a world where companies with mediocre productivity grow bigger in intangible assets than established companies with decades of established production, there is something fishy or a loophole in the system where such marketing platforms exist. Printing money out of thin air is abusing those who rely on such currency, which is exactly why trading in local currencies should become commonplace to deter another US dollar-style dominance. Not even the Remnibi should be promoted.
By Ikechukwu ORJI
