(MENAFN) Russian President Vladimir Putin stated on Sunday that BRICS has overtaken the G7 in terms of total economic output, marking a significant shift in global power dynamics. Speaking via video at the 17th annual BRICS summit in Rio de Janeiro, he emphasized that the bloc—comprising Brazil, Russia, India, China, South Africa, and new members Egypt, Ethiopia, the UAE, and Indonesia—now accounts for nearly half of the world’s population and about one-third of its landmass.

According to 2025 data from the International Monetary Fund (IMF), BRICS nations have a combined GDP of $77 trillion when measured by purchasing power parity, significantly higher than the G7’s $57 trillion. Putin noted that BRICS members are increasingly using their national currencies in trade, reducing dependence on the US dollar and strengthening economic sovereignty.

He also claimed that BRICS has become one of the key pillars of global governance, offering a voice to the “global majority” and advocating for a multipolar world order. Putin criticized the current Western-dominated system, calling it outdated and neo-colonial, and said it is rapidly being replaced by a more inclusive economic framework.

Putin praised the bloc’s unity built on mutual respect among diverse cultures and religions, which he said makes BRICS especially appealing to developing countries. He argued that the dominance of the so-called “golden billion”—a reference to the affluent Western nations—is fading.

The BRICS bloc, originally formed in 2006 and expanded over time, has recently gained new momentum, with more than 30 nations expressing interest in joining. At last year’s summit in Kazan, members approved a new “partner country” status to accommodate this growing demand.

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