Putin: "BRICS Economic Growth Rate Surpasses G7"

BRICS Chair Country Russia

Russian President Vladimir Putin stated that the BRICS member countries, an alliance of emerging economies, will lead global economic growth.

[Image source=Yonhap News]

President Putin, speaking at the BRICS Business Forum held in Moscow on the 18th (local time), said, "BRICS countries are the driving force behind global economic growth," adding, "In the near future, the major increase in the world's gross domestic product (GDP) will occur in BRICS countries."

BRICS refers to the emerging economic powers of Brazil, Russia, India, China, and South Africa. Last year, it expanded by accepting new members such as Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Russia is the BRICS chair country this year.

President Putin emphasized that the share of BRICS countries in the global GDP has already surpassed that of the Group of Seven (G7), which consists of advanced countries including the United States, Japan, Germany, France, Italy, and Canada. He stated, "In 1992, the G7's share of global GDP was 45.5%, while BRICS countries accounted for 16.7%. In 2023, BRICS holds 37.4%, and the G7 accounts for 29.3%. The gap is widening and will continue to widen, which is inevitable."

He continued, "Based on this year's results, the average economic growth rate of BRICS countries is projected to be 4%, which is higher than the expected average of 1.7% for G7 countries. The world average is expected to be 3.2%." He added, "The economic growth of BRICS member countries will increasingly become less dependent on external influences," explaining that this represents a 'self-sufficient economy' and 'economic sovereignty.'

Meanwhile, Russia will host the BRICS summit from the 22nd to the 24th in Kazan, Republic of Tatarstan, Russia.