The Growing Importance of BRICS in the Global Economy
The Growing Influence of BRICS
As President Vladimir Putin noted at the BRICS Business Forum, the share of BRICS countries in the global gross domestic product (GDP) has surpassed that of the G7 and continues to grow. In 1992, the BRICS countries accounted for only 16.7% of global GDP, while the G7 accounted for 45.5%. In contrast, today, BRICS accounts for 37.4% of global GDP, while the G7 accounts for 29.3%. The gap is widening, and it is inevitable.
The Current State of BRICS
It is clear that BRICS plays a significant role in the global economy, not just today, but also in the future. The countries that are part of our association are the drivers of global economic growth, and it is in BRICS that the main increase in global GDP will be generated in the foreseeable future.
Economic Growth and Development
The joint work of BRICS to accelerate socio-economic growth and ensure sustainable development has brought tangible results, contributing to the improvement in the well-being and quality of life of ordinary citizens of our countries. According to Putin, the figures speak for themselves. The combined GDP of BRICS countries is more than $60 trillion, and its total share in the world’s gross product exceeds the corresponding figure for the G7 and continues to grow.
Economic Performance
In recent decades, over 40% of the growth in global GDP, or the entire global economic dynamics, came from BRICS countries. Based on current-year results, the average rate of economic growth in BRICS is projected at 4%, higher than both the rates in the G7 countries (1.7%) and the global rates (3.2%). Companies from BRICS countries dominate many key markets, including energy resources, metals, and food, making them essential for sustainable economic development.
Conclusion
In conclusion, the BRICS region is poised for continued growth and development, with its combined GDP exceeding that of the G7 and continuing to grow. The role of BRICS in the global economy is not just significant today but also for the future. As the drivers of global economic growth, BRICS countries will continue to shape the global economic landscape.
Frequently Asked Questions
Q: What is the current GDP share of BRICS countries in the global economy?
A: As of 2023, BRICS countries account for 37.4% of global GDP, while the G7 accounts for 29.3%.
Q: What is the average rate of economic growth in BRICS countries?
A: Based on current-year results, the average rate of economic growth in BRICS is projected at 4%, higher than both the rates in the G7 countries (1.7%) and the global rates (3.2%).
Q: Do BRICS countries dominate key markets?
A: Yes, BRICS companies dominate many key markets, including energy resources, metals, and food.