Russian President Vladimir Putin addressed the Federal Assembly on Thursday, stating that the BRICS states are surpassing the G7 in terms of their share in global GDP in purchasing power parity (PPP) terms. According to estimates provided by President Putin, the BRICS' share is projected to reach 36.6 percent by 2028, while that of the G7 is expected to decrease to 27.8 percent, as reported by RT.
Putin highlighted the significant shift over the past decade, noting that in 2022, the BRICS countries exceeded the G7 in terms of GDP in PPP terms, with 31.5 percent compared to 30.3 percent for the G7. This is a substantial change from 1992 when the BRICS' share was only around 16.5 percent, as reported by RT.
PPP is a widely used metric among economists for comparing economic productivity and standards of living across countries by adjusting for differences in the cost of goods and services.
Originally consisting of Brazil, Russia, India, China, and South Africa, the BRICS group of emerging economies has undergone a significant expansion with the addition of Iran, Ethiopia, Egypt, and the UAE in January of this year. Saudi Arabia has also been invited to join and is expected to become a member soon. Additionally, numerous other states have shown interest in joining, with some already submitting formal applications, according to RT.
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