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Contribution of G7 to global economic growth lower than that of BRICS — Putin

With an average annual growth rate of 1.4% for the global economy in 2021-2025, 2% was provided by the BRICS countries, while the G7 countries contributed 0.8%, the Russian leader said

ST. PETERSBURG, June 5. /TASS/. The contribution of G7 countries to global GDP is estimated at 18%, while the share of BRICS member states totals 49%, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"If we look at the dynamics of global GDP over the past five years, almost half of its annual growth - 49% - was provided by the BRICS countries, while the contribution of the so-called G7 is estimated at 18%," he said.

With an average annual growth rate of 1.4% for the global economy in 2021-2025, 2% was provided by the BRICS countries, while the G7 countries contributed 0.8%, Putin said, adding that the BRICS share of global GDP at purchasing power parity currently stands at 40%, while the G7 share is less than 29%.

"By this indicator, BRICS overtook G7 back in 2020. But BRICS’ lead is growing. This ratio is projected to continue to trend in BRICS’ favor," he noted.

The St. Petersburg International Economic Forum is taking place on June 3-6. This year’s theme is "Pragmatic Dialogue: the Path to a Stable Future." The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.

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