The following table includes GDP projections for 2023, courtesy of the IMF. Share of Global GDPīecause most of the new BRICS members are considered to be developing economies, their addition to the group will not have a major impact on its overall share of GDP. In this graphic, we provide a data-driven overview of how the BRICS expansion will grow the group’s influence and reach. 24, 2023, BRICS announced that it would formally accept six new members at the start of 2024: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE). Distinguished by their emerging economies, the group has sought to improve diplomatic coordination, reform global financial institutions, and ultimately serve as a counterbalance to Western hegemony. Visualizing the BRICS Expansion in 4 ChartsīRICS is an association of five major countries including Brazil, Russia, India, China, and South Africa.
The “heroes” of The Financial Crisis such as Michael Burry and Steve Eisman were able to recognize a disaster, while making smart decisions to help them build their own empires and legacies. Things were gruesome for many of the empires that imploded, but there were certainly people that were able to prosper even in spite of the tough times. Lastly, even in the wake of the worst crash, there are opportunities available to build something great. Many of these companies did not see the writing on the wall as it happened, and now Apple, Spotify, and other companies are eating their lunch. The music industry was once a machine: there was an oligopoly of major labels that could produce radio singles and market them to rake in money. We must be vigilant to spot cracks in our investments and business ideas at all times, because even the mightiest companies can bite the dust. What important lessons for business and investing can we take home from the cyclical nature of empires?įor one, even empires that once seemed impenetrable have fallen apart.
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