Russian President Vladimir Putin has said that BRICS countries have a combined U$60trillion economy representing a larger slice of the global GDP surpusing the contribution of the G7 countries.
“For example, let’s take 1992 – [the share of] the Group of Seven is 45.5%, and in the same year the BRICS countries [account for] 16.7% of global GDP. And now? In 2023 our association [accounts for] 37.4%, and the [share of] Group of Seven is 29.3%. The gap is widening and it will widen, this is inevitable,” the Russian leader said at a Business Forum on Friday.
Putin stressed that BRICS plays a significant role in the global economy not only today.
“It is quite obvious that this role will increase in the future as well. The countries that are part of our association are in fact the drivers of global economic growth. And it is in BRICS that the main increase in global GDP will be generated in the foreseeable future,” President Putin said.
The Russian leader stressed that the joint work of BRICS to accelerate socio-economic growth and ensure sustainable development brings tangible results, and actually contributes to improving the well-being and quality of life of ordinary citizens of our countries.
According to Putin, the figures speak for themselves. He cited statistics according to which the association’s combined GDP is more than U$60 trillion, and its total share in the world’s gross product confidently exceeds the corresponding figure for the so-called Group of Seven and continues to grow.
“In recent decades, over 40% of the growth in global GDP, the entire global economic dynamics, came from the BRICS countries. Based on the results of the current year, the average rate of economic growth in BRICS is projected at 4%. This is higher than both the rates in the G7 countries – there it is only 1.7% – and the global rates. The global rates will be 3.2%,” Putin said.
He also noted that BRICS accounts for about a quarter of global goods exports, while companies from the association’s countries dominate many key markets, including energy resources, metals, food, that is, markets for those goods without which sustainable economic development is impossible.
BRICS Summit Scheduled at Kazan, Russia
From 22-23 October 2024 leaders of member countries and new candidates will attend the summit in Kazan City.
The Summit, themed “Strengthening Multilateralism for Just Global Development and Security,” will provide an important platform for leaders to discuss key global issues.
The Summit will also offer a valuable opportunity to assess the progress of initiatives launched by BRICS and to identify potential areas for future collaboration.
