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Moscow claims economic hole between BRICS, G7 to increase
(MENAFN) Russian Prime Minister Mikhail Mishustin has asserted that the economic share of BRICS nations will continue to expand significantly, reaching approximately 38 percent of global GDP by 2028. Speaking at the international export forum ‘Made in Russia’ on Monday, Mishustin emphasized that the integration of new member countries into BRICS will further enhance its economic footprint.
He highlighted the increasing role of 'friendly' nations in Russia's foreign trade, suggesting that this trend will contribute to the broader growth of the BRICS coalition. "This corresponds to objective changes in the global economy, particularly the rising significance of BRICS," Mishustin stated, predicting a decline in the influence of the G7.
Supporting his claims, Mishustin referenced data from the International Monetary Fund (IMF), which shows a steady decrease in the G7's share of global GDP based on purchasing power parity (PPP). This figure has fallen from 50.42 percent in 1982 to 30.39 percent in 2022, with expectations of further decline to 29.44 percent this year. PPP is a valuable metric that economists use to compare productivity and living standards between countries, adjusting for differences in the cost of goods and services.
Echoing Mishustin's sentiments, Russian Finance Minister Anton Siluanov remarked last week that BRICS countries are becoming "the engine of global economic growth." He noted that the group’s economies are projected to grow at an average annual rate that exceeds that of the G7.
The upcoming BRICS summit, which Russia is set to host later this month, is expected to be a pivotal moment for the group. One of the key agenda items includes the approval of a new status for member nations as "BRICS partner countries," further solidifying the group's expanding influence in the global economic landscape.
As BRICS continues to gain traction, the growing divide between its member states and the G7 underscores a shifting geopolitical landscape, with potential implications for international trade, investment, and economic policy moving forward.
He highlighted the increasing role of 'friendly' nations in Russia's foreign trade, suggesting that this trend will contribute to the broader growth of the BRICS coalition. "This corresponds to objective changes in the global economy, particularly the rising significance of BRICS," Mishustin stated, predicting a decline in the influence of the G7.
Supporting his claims, Mishustin referenced data from the International Monetary Fund (IMF), which shows a steady decrease in the G7's share of global GDP based on purchasing power parity (PPP). This figure has fallen from 50.42 percent in 1982 to 30.39 percent in 2022, with expectations of further decline to 29.44 percent this year. PPP is a valuable metric that economists use to compare productivity and living standards between countries, adjusting for differences in the cost of goods and services.
Echoing Mishustin's sentiments, Russian Finance Minister Anton Siluanov remarked last week that BRICS countries are becoming "the engine of global economic growth." He noted that the group’s economies are projected to grow at an average annual rate that exceeds that of the G7.
The upcoming BRICS summit, which Russia is set to host later this month, is expected to be a pivotal moment for the group. One of the key agenda items includes the approval of a new status for member nations as "BRICS partner countries," further solidifying the group's expanding influence in the global economic landscape.
As BRICS continues to gain traction, the growing divide between its member states and the G7 underscores a shifting geopolitical landscape, with potential implications for international trade, investment, and economic policy moving forward.
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