The west openly admits that it lacks the production capacity to keep up with Russia. There's a good analysis of the situation here https://rusi.org/explore-our-research/publications/commentary/attritional-art-war-lessons-russian-war-ukraine

Russia winning in Ukraine that's going to be the end of NATO because it will be discredited as an effective force at that point. Meanwhile, Europe will be forced into austerity to fund a huge increase in military spending. Given that Europe is already in recession, and doesn't have access to cheap energy now, there's little chance the economic situation will stabilize in the near future. On top of all that, we're seeing aggressive dedollarization happening outside of G7. This process is directly shrinking western financial economy because trade is increasingly done outside it. This is a problem for US in particular because its infinite debt is premised on the idea that there's always demand for the dollar. So, we're seeing military defeat looming for the west along with serious economic problems that are very likely to result in another financial crash.

On the other hand, the BRICS economy is growing fast, and it's already a bigger economic bloc than the G7. We're now seeing an economic war starting between the two blocs, and the G7 is the smaller bloc with diminishing opportunities in this equation.