When will BRICS surpass G7 in GDP share?

Dilma Rousseff, head of the New Development Bank (NDB), said that BRICS member countries will surpass the G7 in terms of their share of global gross domestic product (GDP) within the next four years.

BRICS' share in global trade to increase from 37% in 2016 to 41% in 2022. (Source: Reuters)

On February 14, speaking at the World Government Summit in Dubai, Ms. Dilma Rousseff said that with the admission of new members, the proportion of the Group of Leading Emerging Economies (BRICS) in global economic output will increase from 35% now to 40% by 2028.

Meanwhile, the proportion of the Group of Seven (G7) leading industrialized countries will decrease to 27.8%.

Ms. Rousseff also noted that the BRICS' share in global trade increased from 37% in 2016 to 41% in 2022.

During the same period, the G7's share decreased from 62% to 58%.

BRICS is a group of emerging economies, originally comprising Brazil, Russia, India, China and South Africa. The group added Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates (UAE) in January this year.

With the addition of five new members, BRICS controls more than 40% of global crude oil production and the bloc's population reaches nearly 3.6 billion people - nearly half of the world's total population.

NDB is headquartered in Shanghai, China.

The bank was established in 2014 by Brazil, Russia, India, China and South Africa to provide funding for infrastructure and sustainable development projects.

Source: https://baoquocte.vn/khi-nao-brics-vuot-g7-ve-ty-trong-trong-gdp-260922.html