BELOKURIKHA /Altai Region/, February 26. /TASS/. The economic potential of the BRICS and SCO countries is significantly higher than that of G7 member states, Chief Economist at VEB.RF Andrey Klepach told a conference, adding that their share of global GDP at purchasing power parity (PPP) is expected to increase from 39% to 48% by 2050.

"The economic potential of these countries is already significantly greater than that of the countries of what we call the Atlantic bloc. Moreover, their share of the population is correspondingly even higher," he said.

His presentation suggests that the dominance of BRICS+ and SCO++ countries, including Turkey, Iran, and Mongolia, will be increasing, and by 2050 their share of GDP in PPP terms in the global economy will grow by 10-15 percentage points, given the growth of the economies of China, India, and other members, as well as the inclusion of new participants.

According to the presentation, the gap between G7 and E7 (Emerging 7) countries in terms of GDP at purchasing power parity (PPP) reached 10% in 2021-2025 (39% and 29%, respectively). In 2026-2030, these countries' shares will be 40% and 26%, respectively, and in 2050, their shares are expected at 48% and 20%. High rates of economic growth in developing countries are based on population growth and rising savings rates, as well as accelerated growth in production efficiency, both through the import of advanced technologies and the development of a domestic scientific and technological base, particularly in China.