BRICS' average annual growth rate is expected to outpace G7

RT news agency quoted Russian Prime Minister Mikhail Mishustin as saying that the proportion of the world's leading emerging economies (BRICS) in global gross domestic product (GDP) calculated by purchasing power parity (PPP) will continue to increase thanks to new members and reach about 38% by 2028.

BRICS countries are considered the engine of global economic growth. (Source: Bloomberg)

Prime Minister Mishustin gave the above information at the international export forum "Made in Russia" held on October 14.

According to him, the trade turnover of "friendly countries" with Russia is constantly increasing and can facilitate the rapid growth of BRICS.

“This corresponds to objective changes in the global economy, first of all the growing importance of BRICS. Meanwhile, the Group of Seven (G7) will continue to decline in position,” the Russian Prime Minister emphasized.

According to data from the International Monetary Fund (IMF), the G7's share of global GDP in PPP terms has been steadily declining over the past few years, from 50.42% in 1982 to 30.39% in 2022 and is expected to fall to 29.44% this year.

Recently, Russian Finance Minister Anton Siluanov also said that BRICS countries are the driving force of global economic growth.

The average annual growth rate of the economies in this group is expected to outperform the G7, he pointed out.

BRICS was founded in 2006, initially with four members: Brazil, Russia, India and China. South Africa joined BRICS in 2011.

The group underwent a major expansion this year when Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) became full members.

BRICS currently has a population of about 3.6 billion people, equivalent to 45% of the world's population.

Source: https://baoquocte.vn/nga-toc-do-tang-truong-trung-binh-hang-nam-cua-brics-du-kien-vuot-troi-hon-g7-290249.html