BRICS Nations Surge Ahead in Global Economy

The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have surpassed the G7 in GDP share, achieving over USD 60 trillion. Russian President Vladimir Putin emphasizes their growing influence in the global economy, projecting further growth as they prepare for the BRICS summit in Kazan.

Moscow, Russia - The BRICS countries, a conglomerate consisting of Brazil, Russia, India, China, and South Africa, have collectively surpassed the GDP share of the G7, exceeding USD 60 trillion. This milestone was highlighted by Russian President Vladimir Putin during the BRICS Business Forum held in Moscow. Reporting agency TASS quotes Putin, predicting the significant future economic role of BRICS.

Putin highlighted the BRICS countries as essential drivers of global economic growth. As the upcoming BRICS summit looms in Kazan, scheduled for October 22-24, he expressed confidence that the bloc would spearhead the largest share of global GDP growth in the near future, widening the gap with the G7.

Historical data reveals that in 1992, the G7's GDP share was 45.5%, compared to BRICS at 16.7%. By 2023, BRICS accounted for 37.4%, while G7 dropped to 29.3%. Putin noted this inevitable widening of the gap, underlining BRICS' contribution to global economic stability and its citizens' improved quality of life.

(With inputs from agencies.)