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Share of BRICS states in global economy to total 36.7% in 2024 — Putin

The Russian president has repeatedly noted the dynamics demonstrated by economies of the integrations compared

KAZAN, October 23. /TASS/. The share of BRICS states on a purchasing-power basis in global economy will total 36.7% by 2024, which exceeds the share of G7 countries, Russian President Vladimir Putin said at an extended meeting of the BRICS summit.

"Priority growth rates are expected in most states of the association in the medium term," he said. The president cited statistics, according to which the average growth of BRICS economies in 2024-2025 will amount to 3.8% with global GDP growth to equal 3.2-3.3% according to preliminary estimates. "The share of BRICS states on a purchasing-power basis will total 36.7% in 2024, which is stably higher than the share of G7 countries whose share will stand at 30%," Putin said.

The Russian president has repeatedly noted the dynamics demonstrated by economies of the integrations compared. In particular, speaking at the BRICS business forum, Putin cited statistics, according to which the share of G7 countries in global GDP accounted for 45.5% in 1992, while BRICS states accounted for 16.7% in the same year, adding that three decades later, by 2023, the ratio had drastically changed. He has also noted that particularly BRICS member states are drivers of global economic growth, which will generate the main global GDP growth in the foreseeable future.

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