Russian president claims BRICS outdid G7 by share of global GDP

​​​​​​​By Elena Teslova

MOSCOW (AA) - Russian President Vladimir Putin said Friday that the global gross domestic product (GDP) share of BRICS countries already exceeds the indicator of the G7 and continues to grow.

Putin, at a plenary session of the BRICS economic grouping in Moscow, compared the changes in the share in the global GDP between the G7 and BRICS, noting that in 1992 it was 45.5% to 16.7%.

"And now? In 2023 our association has a 37.4% share of the global GDP, and the Group of Seven is 29.3%. And the gap is widening. And it will increase, it is inevitable," he said.

Putin stressed that BRICS plays a significant role in the global economy, not only today, but the role will increase tomorrow.

"The countries that make up our association are actually the drivers of global economic growth. And it is in the BRICS that the main increase in global GDP will be generated in the foreseeable future," said the Russian president.

He emphasized that the BRICS joint work to accelerate socio-economic growth and ensure sustainable development brings "concrete, tangible results," and contributes to improving the well-being and quality of life of ordinary citizens of our countries.

Putin cited statistics according to which the aggregate GDP of the association is more than $60 trillion, and the total share in the global gross product confidently exceeds the corresponding indicator of the so-called G7 and continues to grow.

"In recent decades, over 40% of the global GDP growth and the entire global economic dynamics have been accounted for by the BRICS states. By the end of this year, the average economic growth rate in the BRICS is projected at 4%. This is higher than both the rates in the 1,7% in the G7 countries and global 3.2%," he said.

BRICS accounts for about a quarter of global exports of goods, while companies from the countries of the association dominate many key markets, including energy resources, metals, food, that is, in the markets of those goods without which sustainable economic development is impossible, he said.