Growth of BRICS Economies Outpaces G7, with Potential to Continue
Growing Importance of BRICS in the Global Economy
The share of BRICS countries in the global gross domestic product (GDP) has already surpassed that of G7, with the gap continuing to widen, according to Russian President Vladimir Putin. Speaking at the BRICS Business Forum, Putin cited statistics to emphasize the growing significance of the association in the global economy.
From 16.7% to 37.4%: The Rise of BRICS
In 1992, BRICS countries accounted for 16.7% of global GDP, while the G7 accounted for 45.5%. Fast forward to 2023, and the situation has dramatically changed. BRICS now accounts for 37.4% of global GDP, while the G7’s share has decreased to 29.3%. This trend is expected to continue, with Putin noting, "The gap is widening and it will widen, this is inevitable."
BRICS: The Drivers of Global Economic Growth
Putin asserted that BRICS countries are not only playing a significant role in the global economy today, but will continue to do so in the future. "The countries that are part of our association are in fact 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."
Joint Efforts for Sustainable Development
The Russian leader also highlighted the tangible results of BRICS’ joint efforts to accelerate socio-economic growth and ensure sustainable development, stating that it contributes to improving the well-being and quality of life of ordinary citizens of the member countries. According to Putin, the combined GDP of the association exceeds $60 trillion, with its total share in the world’s gross product steadily growing.
Stats Behind the Growth
Statistics show that over 40% of the growth in global GDP in recent decades has come from BRICS countries. This is projected to continue, with an average economic growth rate of 4% in BRICS, compared to 1.7% in G7 countries and 3.2% globally. Additionally, BRICS accounts for about a quarter of global goods exports, with companies from the association’s countries dominating key markets such as energy resources, metals, and food.
Conclusion
In conclusion, the growth of BRICS economies outpacing that of G7 is a trend that is likely to continue. With the association becoming increasingly influential in the global economy, it is crucial for other nations to take note and adapt to the changing landscape. As Putin aptly put it, "The gap is widening and it will widen, this is inevitable."
Frequently Asked Questions
Q: What is the current share of BRICS in global GDP?
A: 37.4%
Q: What is the share of BRICS in global GDP compared to G7?
A: BRICS currently accounts for 37.4%, while G7 accounts for 29.3%
Q: What is the average economic growth rate in BRICS?
A: 4%
Q: What is the average economic growth rate in G7?
A: 1.7%
Q: What is the global average economic growth rate?
A: 3.2%