February 29, 2024
1 min read

BRICS Surpassing G7 in GDP: Putin

The share of BRICS will increase to 36.6 per cent by 2028, while that of the G7 will decrease to 27.8 per cent…reports Asian Lite News

The BRICS states are overtaking the G7 in terms of share in global GDP in PPP terms, Russian President Vladimir Putin said on Thursday while addressing the Federal Assembly, a media report said.

The share of BRICS will increase to 36.6 per cent by 2028, while that of the G7 will decrease to 27.8 per cent, according to estimates provided by President Putin, RT reported.

“But 10 years ago, the situation was different,” Putin said, noting that in 2022, the BRICS countries surpassed the G7 in terms of GDP in PPP terms (31.5 per cent versus 30.3 per cent), whereas back in 1992, the BRICS share was only around 16.5 per cent, RT reported.

PPP is a metric popular with many economists that compares economic productivity and standards of living between countries by adjusting for the differences in the cost of goods and services.

The BRICS group of emerging economies, which previously comprised Brazil, Russia, India, China and South Africa, underwent a major expansion after Iran, Ethiopia, Egypt and the UAE joined in January this year.

Saudi Arabia has also been invited and is set to become a member. Numerous other states have expressed interest in joining, while some have already formally submitted applications, RT reported.

ALSO READ: Reform IMF, WB with BRICS Involvement, UN Chief Bats for Global South

Previous Story

Sunil Mittal to receive Honorary Knighthood  

Next Story

Jaishankar Hails India-Mauritius Ties

Latest from -Top News

World Bank Warns of Growing Poverty in Pakistan

Instead of concentrating on rural development to reduce poverty, the Pakistan government has been focused more on increasing defence expenditure….reports Asian Lite News The World Bank has voiced deep concern over Pakistan’s

Hasina Faces Arrest in War Crimes Probe

Two formal charges were submitted by the ICT prosecution against Hasina and her security and defence advisor, Tarique Ahmed Siddique….reports Asian Lite News Bangladesh’s International Crimes Tribunal (ICT) on Wednesday issued arrest

Peace in Afghanistan Vital, Says India

The Indian delegation at the meeting was led by Ambassador to Russia Vinay Kumar who expressed support for independent, peaceful and stable Afghanistan….reports Asian Lite News On Tuesday, India reaffirmed that a

India, Qatar Strengthen Trade Ties

Goyal expressed optimism about the growing economic engagement between the two countries, stating, “Glad to meet Ahmed bin Mohammed Al-Sayed….reports Asian Lite News Union Minister of Commerce and Industry Piyush Goyal met
Go toTop

Don't Miss

Another Indian unicorn in deep crisis

PharmEasy which was once valued at $5 billion, plans to

PM Modi Congratulates Ramaphosa on Re-election

PM Modi has indicated the need for further collaboration between