BRICS gains pose challenge to dollar

In an economic development that has not received much attention in Western media, the GDP of the BRICS nations has surpassed that of the Group of Seven.

That news, coupled with talks by the BRICS — Brazil, Russia, India, China and South Africa — nations to move toward an alternative reserve currency, presents a challenge to the US dollar as the world's primary reserve currency.

BRICS nations have surpassed G7 in terms of gross domestic product based on purchasing power parity, according to data published by UK-based economic research firm Acorn Macro Consulting.