Economic Disparity Between BRICS and G7 Set to Expand, Says Moscow
According to Russian Prime Minister Mikhail Mishustin, the significance of the group in the global economy will keep increasing. Read Full Article at RT.com
TroibNews 
The BRICS nations' share of global GDP, measured in purchasing power parity (PPP), is projected to grow and reach approximately 38% by 2028, as stated by Russian Prime Minister Mikhail Mishustin.
During his address at the international export forum ‘Made in Russia’ on Monday, Mishustin highlighted that the increasing share of ‘friendly’ countries in Russia's foreign trade turnover could contribute to the accelerated growth of the BRICS alliance.
“This corresponds to objective changes in the global economy, first of all the growing importance of BRICS,” Mishustin remarked, also indicating that the G7's role will continue to diminish.
Data from the IMF reveals a consistent decline in the G7's portion of global GDP in PPP terms, dropping from 50.42% in 1982 to 30.39% in 2022. The organization anticipates this figure will further decrease to 29.44% in the current year.
PPP is a widely recognized metric among economists, enabling comparisons of economic productivity and living standards across countries by factoring in variations in the cost of goods and services.
Russian Finance Minister Anton Siluanov mentioned last week that BRICS nations are “the engine of global economic growth,” emphasizing that the average annual growth rate of the group is expected to surpass that of the G7.
BRICS was initially formed in 2006 with Brazil, Russia, India, and China, and South Africa joined in 2011. This year, new members—Egypt, Iran, Ethiopia, and the United Arab Emirates—have officially joined. Saudi Arabia has received an invitation to participate in the group and attends BRICS meetings, although it has not yet taken on full membership. More than 30 countries, including NATO member Türkiye, have expressed interest in joining.
Russia is set to host the annual summit of BRICS later this month, where members are scheduled to approve the new status of BRICS partner country.
Mathilde Moreau contributed to this report for TROIB News
During his address at the international export forum ‘Made in Russia’ on Monday, Mishustin highlighted that the increasing share of ‘friendly’ countries in Russia's foreign trade turnover could contribute to the accelerated growth of the BRICS alliance.
“This corresponds to objective changes in the global economy, first of all the growing importance of BRICS,” Mishustin remarked, also indicating that the G7's role will continue to diminish.
Data from the IMF reveals a consistent decline in the G7's portion of global GDP in PPP terms, dropping from 50.42% in 1982 to 30.39% in 2022. The organization anticipates this figure will further decrease to 29.44% in the current year.
PPP is a widely recognized metric among economists, enabling comparisons of economic productivity and living standards across countries by factoring in variations in the cost of goods and services.
Russian Finance Minister Anton Siluanov mentioned last week that BRICS nations are “the engine of global economic growth,” emphasizing that the average annual growth rate of the group is expected to surpass that of the G7.
BRICS was initially formed in 2006 with Brazil, Russia, India, and China, and South Africa joined in 2011. This year, new members—Egypt, Iran, Ethiopia, and the United Arab Emirates—have officially joined. Saudi Arabia has received an invitation to participate in the group and attends BRICS meetings, although it has not yet taken on full membership. More than 30 countries, including NATO member Türkiye, have expressed interest in joining.
Russia is set to host the annual summit of BRICS later this month, where members are scheduled to approve the new status of BRICS partner country.
Mathilde Moreau contributed to this report for TROIB News
