G7 vs BRICS+: Comparative Analysis of Financial and Economic Potentials

Subject . The rapid economic growth of China and other developing countries has led to a large-scale transformation of the global economy and formation of a new center of power, around which countries have begun to get united focusing to abolish financial and economic dependence on the United States and its allies. To maintain its leading position, the United States instigated an escalation of geopolitical tensions. This aggravated the fragmentation of the global economy and world finance. As a result of such fragmentation, currently, there coexist two main blocs of countries: the G7 and BRICS+. The article presents an analysis of the basic financial and economic indicators of these groups of countries. The objective of the study is to identify the current state and development prospects of the financial and economic potential of the G7 and BRICS+. Methodology . Key features of the economic and financial development of country members of these groups are revealed stemming from comparative and economic-statistical analysis . In conclusion , indicates a significant financial and economic potential of the BRICS+. Besides, it is recommended to initiate a dialogue between developed and developing countries regarding the formation of a fundamentally new global financial and economic architecture.