The BRICS' share of global GDP has surpassed that of the G7.

(CLO) Russian President Vladimir Putin said that the share of BRICS countries in global GDP has surpassed that of the G7 and continues to grow.

Speaking at the BRICS Business Forum, Russian President Vladimir Putin noted: "For example, in 1992, the G7's share was 45.5%, while the BRICS countries accounted for 16.7% of global GDP. And now? In 2023, our association accounts 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

Putin emphasized that BRICS plays an important role in the global economy , not just today.

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

The Russian President emphasized that the joint work of BRICS aimed at promoting socio-economic growth and ensuring sustainable development yields tangible results and genuinely contributes to improving the welfare and quality of life of ordinary people in the association's member countries.

According to Putin, the numbers speak for themselves. He cited statistics showing that the association's combined GDP is over $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 projected to be 4%. This is higher than the 1.7% growth rate in the G7 countries as well as higher than the global rate. The global rate will be 3.2%," Putin said.

He also reiterated that BRICS accounts for approximately 25% of global exports. Companies from the association's countries 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