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More BRICS - more countries join that political and economic bloc

 
 
 
barbos said:
Nominal GDP is garbage.
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Nominal GDP means not adjusted for inflation (when comparing same country over time).
What you probably mean is market-price GDP when comparing different countries at the same point in time (and unlike PPP, using the same yard strick to measure them).
And you have provided zero evidence for this claim.
No, not like that.
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How then?
 
Derec said:
laughing dog said:
Purchasing power parity (PPP) is the most common method for comparing GDP of countries since it adjusts for different price levels.
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As such GDP (PPP) fails to measure the relative sizes of economies as it measures economies using different yardsticks. Market-price GDP uses the same yardstick.
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Market price GDP uses different yardsticks- exchange rates.
 
laughing dog said:
Market price GDP uses different yardsticks- exchange rates.
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Exchange rates are there to convert local currency to the same yardstick - the US dollar.
PPP has an "international dollar" that is worth a different amount of real dollars based on the country. Hence, different yardsticks.
PPP is good for comparing things inside a country, but for comparison between countries you need to measure with the same yardstick.
 
Derec said:
laughing dog said:
Market price GDP uses different yardsticks- exchange rates.
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Exchange rates are there to convert local currency to the same yardstick - the US dollar.
PPP has an "international dollar" that is worth a different amount of real dollars based on the country. Hence, different yardsticks.
PPP is good for comparing things inside a country, but for comparison between countries you need to measure with the same yardstick.
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Exchange rates do not necessarily adjust for differences in price levels. Which means differences in market price GDP reflects differences in output and prices.

And exchange rates reflect a different amount if nominal dollars based on the country. So exchange rates are different yardsticks .
 
Derec said:
Per-capita GDP (PPP) gives you a measure of well-being inside a country, yes. Per-capita GDP (MP) gives you a measure of well-being when trying to buy something on the international market. Say a Russian and a German want to buy some groceries, of a meal at a restaurant or a hair-cut in their country. PPP is appropriate here. But say both want to go to a vacation in Greece? Market price matters here, not PPP.
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But most purchases are internal. Market price only becomes relevant for imports and exports.

Derec said:
Another difficulty of PPP is how do you measure it? Market price of a currency is relatively easy even if you have to use black market exchange rate. PPP is much more complicated and different organizations may configure their basket of goods and services differently leading to different PPP values. That's why Barbos may be technically correct (even if he refuses to provide a source for his claim) that using certain set of "yard sticks" Russia has higher GDP (PPP) than Germany (still much lower on a per-capita basis of course) but still trails Germany using the yard sticks used by the IMF.
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I do agree that it's hard to measure but that doesn't make it wrong.

I will take his side on this--except I don't trust the Russian numbers. I find it unreasonable that you can't see a blip from the war. (And there are things like Russia selling discounted oil to India in Rupees. Oops--there's not a lot you can buy with Rupees. They have a lot of money in the bank that they can't spend.) There's also all those western businesses they seized, why didn't that increase their GDP?
 
 BRICS and  Member states of BRICS

BRICS: 7 new countries want to join the organization this year!
The BRICS summit, scheduled for October 2024, will mark a crucial stage with the official admission of four new members: the United Arab Emirates, Egypt, Iran, and Ethiopia. This expansion, announced at the last summit, will bring the number of alliance members to nine. According to available information, this meeting will take place in the Kazan region of Russia, under the presidency of Vladimir Putin.

Since the beginning of 2024, seven other countries have expressed their intention to join the BRICS before the next summit. These are Cameroon, Pakistan, Sri Lanka, Syria, Thailand, Venezuela, and Zimbabwe. This initiative demonstrates the appeal of the founding principles of BRICS among developing nations, which see in this alliance a viable alternative to the dominance of the US dollar.
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bilby said:
Germany has a PPP per Capita GDP of $66,000; Russia's is $35,310.
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Lulz! Babs will say anything to make Pootistan sound like less of a shithole.
Derec said:
So you are denying that Russia invaded Ukraine in February 2022?
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Only since December of 2021 when it was "there will be no invasion". Then in Feb 2022, after the invasion turned into an embarrassment, it became "Ukraine invaded Russia", and has remained thus ever since.
 
lpetrich said:
Saudi Arabia has not yet joined BRICS - Saudi official source | Reuters - February 1, 2024 8:48 AM PST
and
Saudi MBS on BRICS leaders calling him to abandon U.S. dollar in oil transactions - Friday, April 26, 2024
"As Saudi Arabia is still considering an invitation to join BRICS, several preconditions from BRICS leaders are likely to be applied, notably including reducing Saudi oil trades in the U.S. dollar."

Weird.
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Predictable. The IMF and World Bank have not traditionally operated in ways that were mostly favorable towards current BRICS members. They're Copycats.
 
Kremlin Says Several Countries To Become BRICS Partners Next Year - Iran Front Page
Russian presidential aide Yuri Ushakov:
Speaking at a press briefing on Monday, Ushakov emphasized the importance of the partner state status’ approval, saying that Belarus, Bolivia, Indonesia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, and Uzbekistan will officially become BRICS partners from January 1. Confirmation is expected in the near future from four more countries, which were also invited to become partner states.

...
At the moment, more than two dozen countries are showing interest in cooperation with BRICS, according to Ushakov. The countries are Azerbaijan, Bangladesh, Bahrain, Burkina Faso, Venezuela, Honduras, Zimbabwe, Cambodia, Colombia, the Republic of Congo, Laos, Kuwait, Morocco, Myanmar, Nicaragua, Pakistan, Palestine, Senegal, Syria, Chad, Sri Lanka, Equatorial Guinea and South Sudan.
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However,
Saudi Arabia has paused its process of joining BRICS because the necessary “internal procedures” for becoming a full member have not yet been completed, according to Ushakov, citing representatives from Riyadh.
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???
 
lpetrich said:
???
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Are you hoping SA stays with US?

BRICS has become a de facto middle finger to US dominated neo-colonial structures (IMF/WB) and even UN I think.

I am worried that boatloads of fairly useless economically former colonies are joining BRICS. I understand their logic, which is "Nothing has worked for us, let's try this, it can't get worse". But I am worried that we are getting potential dead weight.
 
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