BRICS's share of global GDP has surpassed G7

(CLO) Russian President Vladimir Putin said that the proportion of BRICS countries in global GDP has exceeded that of the G7 and continues to increase.

Speaking at the BRICS Business Forum, Russian President Vladimir Putin noted: "For example, in 1992, the share of the G7 was 45.5%, and the BRICS countries accounted for 16.7% of global GDP. And now? In 2023, our association accounted for 37.4%, and the G7 for 29.3%. The gap is widening and will continue to widen, this is inevitable."

Russian President Vladimir Putin. Photo: TASS

Mr Putin stressed that BRICS plays an important role in the global economy not only today.

"It is clear that this role will also increase in the future. The countries that are members of our association are in fact the engines of global economic growth. And it is BRICS that will create the main increase in global GDP in the near future," the Russian leader said.

The Russian President stressed that the joint work of BRICS to promote socio-economic growth and ensure sustainable development brings tangible results, and really contributes to improving the well-being and quality of life of ordinary people in the countries of the association.

The numbers speak for themselves, Putin said, citing statistics that the association's combined GDP is more than $60 trillion, far exceeding the G7's corresponding figure.

"In recent decades, more than 40% of global GDP growth, the entire global economic engine, has come from the BRICS countries. Based on the results of the current year, the average economic growth rate of the BRICS is forecast to be 4%. This is higher than the growth rate of 1.7% in the G7 countries as well as the global rate. The global rate will be 3.2%," Putin said.

He also recalled that BRICS accounts for about 25% of global exports. Companies from the countries in the association dominate many important markets, including energy resources, metals, and food.

Ngoc Anh (according to TASS)

Source: https://www.congluan.vn/tong-thong-putin-ty-trong-gdp-cua-brics-tren-toan-cau-da-vuot-qua-g7-post317525.html