BRICS Surpasses G7 in Purchasing Power Parity — Kremlin Aide

Yury Ushakov added that the association has rapidly developed and transformed into a multi-level mechanism for interaction on a wide range of issues on the global agenda

MOSCOW, March 5. /TASS/. The BRICS countries have already surpassed the G7 in some macroeconomic indicators and this gap will widen further, Kremlin aide Yury Ushakov said in an interview with TASS.

"By the way, BRICS has already surpassed the Group of Seven in terms of purchasing power parity: the group accounts for 35.6% of the global GDP, while the G7 accounts for 30.3%. By 2028, the situation will evolve further in BRICS favor: 36.6% versus 27.8%," Ushakov said.

He recalled that Russian President Vladimir Putin drew attention to this in his Address to the Federal Assembly. "The collective share of the member states in the global economy is $58.9 trillion. BRICS accounts for more than one-third of the Earth's dry land (36%), 45% of the world's population (3.6 billion), over 40% of all oil production, and about a quarter of the world's exports of goods," the official pointed out.

According to him, during the relatively short period of its existence, the association has rapidly developed and transformed into a branched, multi-level mechanism for interaction on a wide range of issues on the global agenda. In particular, I would like to mention the BRICS summit in Ufa in 2015, which saw the emergence of the first financial institutions of the association - the New Development Bank and the Contingent Reserve Arrangement - with combined financial reserves of $200 bln. This clearly demonstrated the growing influence of our countries in the global economy," Ushakov concluded.

Russia took over the BRICS chairmanship on January 1, 2024 as it plans to hold than 200 events covering a wide range of topics. The central event of Russia's presidency will be the BRICS Summit of Heads of State in Kazan in October 2024.