Russia evaluates the growth prospects of BRICS
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 
According to Prime Minister Mikhail Mishustin, the BRICS nations' share of global GDP in purchasing power parity (PPP) is projected to reach around 38% by 2028.
This increase in the BRICS share is attributed to the inclusion of new members, as Mishustin noted during his address at the international export forum ‘Made in Russia’ on Monday. He highlighted that the proportion of 'friendly' countries in Russia’s foreign trade is consistently rising, which could accelerate the overall growth of the BRICS group.
“This corresponds to objective changes in the global economy, first of all the growing importance of BRICS,” Mishustin stated, adding that the significance of the G7 is likely to diminish further.
Data from the International Monetary Fund (IMF) reveals a consistent decline in the G7's share of global GDP measured in PPP terms, falling from 50.42% in 1982 to 30.39% in 2022. The IMF anticipates that this figure will decrease to 29.44% this year.
PPP is a widely used metric among economists that allows for comparisons of economic productivity and living standards across countries by accounting for differences in the prices of goods and services.
Russian Finance Minister Anton Siluanov remarked last week that the BRICS countries are "the engine of global economic growth," emphasizing that their average annual growth rate is expected to surpass that of the G7.
BRICS was initially established in 2006 with Brazil, Russia, India, and China, and South Africa joined in 2011. Recently, four additional nations—Egypt, Iran, Ethiopia, and the United Arab Emirates—became official members. Saudi Arabia has received an invitation to join and participates in BRICS meetings but has not yet attained full membership status. Over 30 countries, including NATO member Türkiye, have expressed interest in joining.
Later this month, Russia will host the group's annual summit, where members are expected to approve a new status within BRICS—designated as a BRICS partner country.
Jessica Kline for TROIB News
This increase in the BRICS share is attributed to the inclusion of new members, as Mishustin noted during his address at the international export forum ‘Made in Russia’ on Monday. He highlighted that the proportion of 'friendly' countries in Russia’s foreign trade is consistently rising, which could accelerate the overall growth of the BRICS group.
“This corresponds to objective changes in the global economy, first of all the growing importance of BRICS,” Mishustin stated, adding that the significance of the G7 is likely to diminish further.
Data from the International Monetary Fund (IMF) reveals a consistent decline in the G7's share of global GDP measured in PPP terms, falling from 50.42% in 1982 to 30.39% in 2022. The IMF anticipates that this figure will decrease to 29.44% this year.
PPP is a widely used metric among economists that allows for comparisons of economic productivity and living standards across countries by accounting for differences in the prices of goods and services.
Russian Finance Minister Anton Siluanov remarked last week that the BRICS countries are "the engine of global economic growth," emphasizing that their average annual growth rate is expected to surpass that of the G7.
BRICS was initially established in 2006 with Brazil, Russia, India, and China, and South Africa joined in 2011. Recently, four additional nations—Egypt, Iran, Ethiopia, and the United Arab Emirates—became official members. Saudi Arabia has received an invitation to join and participates in BRICS meetings but has not yet attained full membership status. Over 30 countries, including NATO member Türkiye, have expressed interest in joining.
Later this month, Russia will host the group's annual summit, where members are expected to approve a new status within BRICS—designated as a BRICS partner country.
Jessica Kline for TROIB News
