Russian Finance Minister Says BRICS Are Fueling Global Economic Expansion
Russia’s finance minister, Anton Siluanov, states that the BRICS economic bloc is evolving more rapidly than the G7 group of affluent nations. Read Full Article at RT.com.
TroibNews 
According to Anton Siluanov, the BRICS nations account for 36.7% of the world's GDP when assessed using purchasing power parity (PPP).
The representation of BRICS countries in global GDP has been steadily increasing and has now reached that figure, as noted by the Russian Finance Minister during a recent meeting of BRICS finance ministers and central bank governors held in Moscow. The officials gathered to discuss potential enhancements to the international monetary and financial system in anticipation of the upcoming BRICS 2024 summit in Kazan later this month, with Russia currently serving as the group’s chair.
“The BRICS [countries] are the engine of global economic growth,” Siluanov stated, revealing that the average annual growth rate for the group’s economies is projected to be 4.4% in 2024-2025. He compared this with the G7 countries, which he noted have a growth rate of only 1.7%, emphasizing, “It is clear who is developing more dynamically.”
While he highlighted the significant growth of the BRICS group, Siluanov clarified that the focus is not on competition but rather on fostering improved growth rates in the BRICS economies to “ultimately boost the income of our citizens.”
Initially composed of Brazil, Russia, India, China, and South Africa, the BRICS group has seen significant expansion with the addition of Iran, Ethiopia, Egypt, and the United Arab Emirates in January. Furthermore, more than 30 countries, including NATO member Türkiye, have submitted applications to join this economic alliance.
Data from the IMF indicates that the G7's share of global GDP, in PPP terms, has been declining consistently over the years, falling from 50.42% in 1982 to 30.39% in 2022. The Washington-based organization anticipates that this figure will decrease further to 29.44% this year.
PPP serves as a widely used economic benchmark, enabling comparisons of productivity and living standards between countries by adjusting for variations in the cost of goods and services.
Camille Lefevre contributed to this report for TROIB News
The representation of BRICS countries in global GDP has been steadily increasing and has now reached that figure, as noted by the Russian Finance Minister during a recent meeting of BRICS finance ministers and central bank governors held in Moscow. The officials gathered to discuss potential enhancements to the international monetary and financial system in anticipation of the upcoming BRICS 2024 summit in Kazan later this month, with Russia currently serving as the group’s chair.
“The BRICS [countries] are the engine of global economic growth,” Siluanov stated, revealing that the average annual growth rate for the group’s economies is projected to be 4.4% in 2024-2025. He compared this with the G7 countries, which he noted have a growth rate of only 1.7%, emphasizing, “It is clear who is developing more dynamically.”
While he highlighted the significant growth of the BRICS group, Siluanov clarified that the focus is not on competition but rather on fostering improved growth rates in the BRICS economies to “ultimately boost the income of our citizens.”
Initially composed of Brazil, Russia, India, China, and South Africa, the BRICS group has seen significant expansion with the addition of Iran, Ethiopia, Egypt, and the United Arab Emirates in January. Furthermore, more than 30 countries, including NATO member Türkiye, have submitted applications to join this economic alliance.
Data from the IMF indicates that the G7's share of global GDP, in PPP terms, has been declining consistently over the years, falling from 50.42% in 1982 to 30.39% in 2022. The Washington-based organization anticipates that this figure will decrease further to 29.44% this year.
PPP serves as a widely used economic benchmark, enabling comparisons of productivity and living standards between countries by adjusting for variations in the cost of goods and services.
Camille Lefevre contributed to this report for TROIB News
