BRICS Economic Growth Outpaces G7, Says Putin
On October 18, Russian President Vladimir Putin addressed the BRICS Business Forum in Moscow, highlighting the economic strength of the BRICS nations, which include Brazil, Russia, India, China, and South Africa. Putin noted that the combined GDP of BRICS countries exceeds USD 60 trillion, surpassing the G7 nations. He emphasized that BRICS is a key driver of global economic growth, with its share of global GDP rising from 16.7% in 1992 to 37.4% in 2023, while the G7’s share decreased to 29.3%.
Putin stated that BRICS countries contribute significantly to global economic dynamics, accounting for over 40% of global GDP growth in recent decades. He projected a 4% economic growth rate for BRICS in 2023, higher than the G7’s 1.7% and the global average of 3.2%. BRICS also dominates key markets such as energy, metals, and food, essential for sustainable development.
The upcoming BRICS Summit will be held in Kazan from October 22-24, with Indian Prime Minister Narendra Modi attending. BRICS, initially formed in 2006, has expanded to include Egypt, Ethiopia, Iran, and the UAE in 2024. The grouping has held 15 summits so far, with India chairing BRICS in 2021.
Doubts Revealed
Vladimir Putin -: Vladimir Putin is the President of Russia. He is a very important leader in the world and has been in power for many years.
BRICS -: BRICS is a group of five countries: Brazil, Russia, India, China, and South Africa. These countries work together to improve their economies and help each other grow.
G7 -: G7 is a group of seven rich countries: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. They often meet to discuss global economic issues.
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country. A higher GDP means a stronger economy.
Kazan -: Kazan is a city in Russia. It is known for its rich history and culture, and it will host the upcoming BRICS Summit.
Summit -: A summit is a meeting where leaders from different countries come together to discuss important issues. The BRICS Summit is where leaders of BRICS countries meet.
Egypt and UAE -: Egypt and the UAE (United Arab Emirates) are countries that have recently joined the BRICS group. This means they will work with the other BRICS countries to improve their economies.
