Russian President Vladimir Putin highlighted the rising economic influence of BRICS nations, saying that their combined GDP now exceeds $60 trillion, surpassing that of the G7 countries. Speaking at the BRICS Business Forum in Moscow on Friday, Putin emphasized the growing importance of the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—in shaping the global economy.
Putin said that BRICS countries have become key drivers of global economic growth, predicting that they will continue to generate the largest share of global GDP growth in the future. “It is evident that the role of BRICS in the world economy will only increase,” Putin said, as quoted by Russian state media TASS.
His remarks come ahead of the 16th BRICS Summit, which will be held in Kazan from October 22 to 24. Indian Prime Minister Narendra Modi will attend the summit at the invitation of President Putin.
According to Putin, the economic landscape has shifted dramatically since 1992 when the G7 nations accounted for 45.5% of global GDP, while BRICS countries represented only 16.7%. In 2023, the BRICS bloc now accounts for 37.4% of global GDP, compared to the G7’s 29.3%. “The gap is widening, and this trend will continue,” Putin said.
He also said that BRICS nations contribute over 40% of global GDP growth, with their collective economic growth rate projected to reach 4% this year—significantly higher than the 1.7% growth forecast for G7 countries and the 3.2% global average.
Putin highlighted the strategic importance of BRICS in global trade, pointing out that the bloc is responsible for about 25% of the world’s exports. He also emphasized the dominance of BRICS countries in essential markets such as energy, metals, and food, which are critical to ensuring sustainable economic development.
The origins of BRICS date back to 2006, when the leaders of Russia, India, and China met during the G8 Outreach Summit in St. Petersburg. The grouping was formalized later that year with the first meeting of BRIC foreign ministers on the sidelines of the UN General Assembly in New York. South Africa joined the group in 2010, expanding it to BRICS.
In 2024, the BRICS bloc further expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates, reflecting its growing geopolitical influence. So far, 15 BRICS Summits have taken place, with India holding the BRICS Chairmanship in 2021 during the group’s 15th anniversary.
(Inputs from ANI)