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 in Kazan, scheduled for October 22-24, will see the participation of Indian Prime Minister Narendra Modi, who will visit Russia at Putin’s invitation. The BRICS grouping, formalized in 2006, has expanded to include Egypt, Ethiopia, Iran, and the UAE in 2024. This summit marks the 16th BRICS meeting, with India having chaired the group in 2021.
Doubts Revealed
Vladimir Putin -: Vladimir Putin is the President of Russia, a large country in Europe and Asia. He has been in power for many years and is known for his strong leadership style.
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 wealthy 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 where the upcoming BRICS Summit will be held. It is known for its rich history and cultural diversity.
BRICS Summit -: The BRICS Summit is a meeting where leaders from the BRICS countries discuss ways to improve their economies and work together on global issues.
Economic Growth -: Economic growth means an increase in the production of goods and services in a country. It usually leads to more jobs and better living standards for people.
