Russian finance minister claims BRICS guiding international economic development
Date
10/13/2024 6:39:11 AM
(MENAFN) During a recent meeting of BRICS finance ministers and central bank governors in Moscow, Russian Finance Minister Anton Siluanov highlighted the increasing influence of BRICS countries on the global economy. According to Siluanov, the share of BRICS nations in global GDP, when measured by purchasing power parity (PPP), has been steadily rising and currently stands at 36.7 percent.
Siluanov emphasized that BRICS is becoming a significant driver of global economic growth, projecting an average annual growth rate of 4.4 percent for the bloc’s economies in 2024-2025. In contrast, he noted that the G7 countries are expected to see a much lower growth rate of just 1.7 percent, underscoring the more dynamic development trajectory of the BRICS nations.
The minister clarified that this progress is not about rivalry but rather focuses on enhancing growth rates within BRICS countries to improve the income levels of their citizens. The BRICS group, originally consisting of Brazil, Russia, India, China, and South Africa, has expanded significantly, welcoming Iran, Ethiopia, Egypt, and the United Arab Emirates as new members in January. More than 30 other nations, including NATO member Türkiye, have expressed interest in joining the bloc, indicating a growing appetite for collaboration among emerging economies.
Siluanov also referenced data from the International Monetary Fund (IMF), which shows that the G7's share of global GDP has been declining over the years, falling from 50.42 percent in 1982 to 30.39 percent in 2022. The IMF forecasts that this figure will dip further to 29.44 percent in the current year, highlighting the shifting dynamics of the global economic landscape.
As BRICS prepares for its upcoming summit in Kazan later this month, the discussions among finance ministers and central bank governors reflect a commitment to strengthening the international monetary and financial system while promoting economic growth across member nations.
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