BRICS to hold 36.7% of global economy by ’24 – Putin

BRICS countries will hold a 36.7 per cent share of the global economy on a purchasing power basis by 2024, surpassing the G7’s 30 per cent, Russian President Vladimir Putin announced on Wednesday.

Speaking at an extended BRICS summit meeting, Putin highlighted the expected priority growth rates in most BRICS states, with an average growth of 3.8 per cent for 2024-2025, compared to global GDP growth of 3.2-3.3 per cent.

Putin emphasised the shifting economic dynamics, noting that in 1992, G7 countries accounted for 45.5 per cent of global GDP, while BRICS states held 16.7 per cent.

This ratio had significantly changed by 2023, with BRICS emerging as key drivers of global economic growth. He underscored that BRICS nations are poised to generate the main global GDP growth in the foreseeable future.