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

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Africa CDC calls for self-reliance

Data from the African Union’s specialised healthcare agency show that the continent, over the past 24 months, has witnessed an “unprecedented surge in public health emergencies,” rising from 152 disease outbreaks in

US to revoke all South Sudan visas

Trump’s administration has taken aggressive measures to ramp up immigration enforcement, including the repatriation of people deemed to be in the US illegallyThe US said on Saturday it would revoke all visas

Panama wants ‘respectful’ ties with US

The US State Department said Landau had “expressed gratitude for Panama’s cooperation in halting illegal immigration and working with the US to secure a nearly 98% decrease in illegal immigration Panama hopes
Go toTop

Don't Miss

India gets first consignment of Sputnik vaccine

A special cargo flight carrying the first consignment of Sputnik

‘India Plays Leading Role in AI’

While answering about the French priorities on GPAI, Barrot told