The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have surpassed the combined Gross Domestic Product (GDP) of the G7 nations, with their collective GDP exceeding $60 trillion. Russian President Vladimir Putin highlighted this development while addressing the BRICS Business Forum in Moscow on Friday. Putin emphasized that BRICS countries are now the primary drivers of global economic growth and will continue to play a significant role in shaping the global economy.
Putin noted that the BRICS countries’ GDP now exceeds that of the G7, a significant shift in the global economic landscape. According to Putin, in 1992, the G7 nations accounted for 45.5% of global GDP, while BRICS countries represented just 16.7%. Fast forward to 2023, and the tables have turned: BRICS nations now account for 37.4% of global GDP, while the G7’s share has shrunk to 29.3%. “The gap is widening, and it will continue to do so. This is inevitable,” Putin said during his address, as cited by Russian state media TASS.
Driving Global Growth
Putin reiterated that BRICS countries are essential to the global economy’s growth trajectory. “In recent decades, over 40% of global GDP growth has come from BRICS countries,” he stated, further highlighting that BRICS economies are projected to grow by 4% this year, significantly higher than the 1.7% growth forecast for G7 countries. Global economic growth is expected to average 3.2%, making BRICS a crucial player in driving the world economy forward.
In addition to GDP growth, Putin emphasized BRICS’ dominant position in several critical global markets. BRICS countries are responsible for around a quarter of global exports, and their companies lead key sectors such as energy, metals, and food—resources vital for sustainable development. This dominance ensures that BRICS remains a cornerstone of global trade and economic stability.
Upcoming BRICS Summit
Putin’s comments come ahead of the upcoming BRICS Summit, scheduled to take place in Kazan from October 22 to 24. The summit will gather leaders from the BRICS nations, including Indian Prime Minister Narendra Modi, who will attend the event at Putin’s invitation. The summit is expected to further strengthen the BRICS alliance and discuss strategies for enhancing socio-economic growth across member nations.
A Growing Influence
BRICS was initially formed in 2006 during a meeting of Russia, India, and China on the margins of the G8 Outreach Summit in St. Petersburg. The group was formalized in 2009 with the inclusion of Brazil and held its first summit in Yekaterinburg, Russia. South Africa joined the group in 2010, expanding its influence. Most recently, in 2024, BRICS added Egypt, Ethiopia, Iran, and the United Arab Emirates to its ranks, signaling its growing importance on the global stage.
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