President Putin: BRICS Group surpasses the G7 in terms of GDP and economic growth

Published at: 18/10/2024 08:22 PM

This Friday, October 08, the President of the Russian Federation, Vladimir Putin, stated that the Gross Domestic Product (GDP) of the BRICS member states exceeds the indicators of the G7 States, the Telesur website reported.

This was stated in his speech at the BRICS Business Forum, “the group's combined GDP exceeds 60 trillion dollars, and its global share of the world's gross product is much higher than that of the so-called Group of Seven, and it continues to grow”.

He recalled that in 1992 the world GDP of the members of the G7 was 45.5% at the global level, while the BRICS were only 16.7%.

By 2023, he stated that the situation changed. While the G7 states had 29.3% of world GDP, the BRICS have caught up with and surpassed the Group of Seven, with 37.4% of the world's Gross Domestic Product.

“The gap is widening and will widen. It's inevitable,” Putin summarized.

As for economic growth indices, they are ahead of the G7, he said that the BRICS economic growth forecast, by the end of 2024, is 4%, exceeding 3.2% worldwide.

“At the end of this year, the average BRICS economic growth rate is expected to be 4%, higher both than the G7 countries, where it is only 1.7%, and the global rate.

He specified that “the global rate will be 3.2% according to forecasts”.

In that regard, he stated that “the BRICS already play a prominent role in the world economy not only today, but it is quite clear that this role will only increase in the future.”

Putin also noted that the BRICS are achieving the goal of economic sovereignty, without influence from the global banking system governed by the US dollar. “It's essentially about economic sovereignty: an association of self-sufficient economies, which multiplies their potential and opens up new opportunities,” he emphasized.

The BRICS are a conglomeration of countries with emerging economies, which seek the integration and free trade of member States. Russia assumed the rotating presidency of the group since January 1st.

This year, the BRICS have opened up, accepting new members and extending economic relations with new States. In addition to Brazil, Russia, India, China and South Africa, to which the group owes its initials, it now also includes Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia.

Mazo News Team