BRICS countries drive global economic growth, more than GDP of G7 countries: Putin

Russian President Vladimir Putin said at the BRICS Business Forum in Moscow that the combined share of the BRIC group of countries in gross domestic product (GDP) is more than US$60 trillion, which is higher than the corresponding figure for the G7 countries and is continuously growing. Has been. Friday.

State media TASS quoted Putin as saying that BRICS not only plays an important role in the global economy today and it is quite clear that this role will increase in the future.

he/she said that the countries which are part of BRICS are actually the drivers of global economic growth. And in the near future, the main growth in global GDP will be generated in the BRICS group itself, the Russian President said.

Putin’s comments come ahead of the BRICS summit to be held in Kazan on October 22-24.

According to the TASS report, Putin said that in 1992, the share of Group of Seven countries in global GDP was 45.5 percent, while the share of BRICS countries was 16.7 percent.

Putin said that in 2023, the share of BRICS is 37.4 percent and the share of G7 is 29.3 percent. “The gap is growing and it will grow, it is inevitable,” Putin said in his/her address.

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

The Russian leader stressed that the joint work of BRICS to accelerate socio-economic development and ensure sustainable development brings concrete results, and indeed contributes to improving the well-being and quality of life of ordinary citizens of the countries. Gives.

“In recent decades, more than 40 percent of the growth in global GDP, the entire global economic dynamism, has come from the BRICS countries. Based on the results of the current year, the average rate of economic growth in BRICS is estimated at 4 percent. This is higher than both the rate for G7 countries – there it is only 1.7 percent – ​​and the global rate. Global rates will be 3.2 percent,” Putin was quoted as saying by TASS.

he/she also reminded that the share of BRICS in global goods exports is about a quarter, while companies of the Union countries dominate a number of key markets, including energy resources, metals, food, that is, markets for goods without which sustainable economic development would not be possible. It is impossible.

Prime Minister Narendra Modi will be visiting Russia from October 22-23 to attend the 16th BRICS summit held in Kazan under the Russian chairmanship.

The Prime Minister is visiting Russia at the invitation of Russian President Vladimir Putin.

The BRICs, as a formal grouping, began after the leaders of Russia, India and China met in St. Petersburg during the G8 Outreach Summit in 2006. The group was formalized during the first meeting of BRIC foreign ministers. UNGA in New York in 2006. The first BRIC summit was held in Yekaterinburg, Russia in 2009.

South Africa was added to the BRIC Foreign Ministers’ Meeting in New York in 2010. BRICS is expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates in 2024.

A total of 15 BRICS summits have taken place so far.

India took over the BRICS chairmanship from Russia in January 2021 and held it till 31 December 2021. India’s BRICS Chairmanship in 2021 coincides with the 15th anniversary of BRICS.