- The BRICS group’s share of global GDP by purchasing power parity (PPP) has grown to 40%, surpassing the G7’s 29% share.
- Russian Foreign Minister Sergey Lavrov highlighted that this lead occurred before the expansion of BRICS.
- Proposals at a recent summit aim to further increase BRICS’ GDP in PPP through new financial infrastructure and cooperation.
- BRICS nations are seeking more economic independence, introducing measures like independent exchanges and investment channels.
- The bloc’s moves could indicate a shift towards a more multipolar global financial system as developing nations increase their role.
The share of global GDP held by the BRICS group—comprising Brazil, Russia, India, China, and South Africa—has reached 40% when measured by purchasing power parity (PPP), according to a recent statement by Russian Foreign Minister Sergey Lavrov. The G7 countries, often seen as leading economies in the West, currently account for 29% of the world’s GDP in PPP.
Sergey Lavrov stated that the BRICS alliance overtook the G7 in this measure even before recent expansion efforts. The group has recently outlined several proposals during a summit in Kazan, including establishing new financial infrastructure and independent investment mechanisms, with the goal of boosting economic collaboration and further raising their share of global GDP.
Lavrov described the proposals, which include forming a new settlement infrastructure, creating an independent exchange, and working to establish the Shanghai Cooperation Organization development bank. He noted, “Those initiatives should increase the efficiency of economic interaction between the countries of the global majority and protect it from unfair competition,” as well as support the growth of BRICS GDP in PPP.
BRICS members have increased cooperation after the United States imposed wide-ranging tariffs in April, which pushed the group to consider alternatives to the U.S. dollar for international transactions. The most recent meeting, led by Lavrov, is taking place alongside the High-Level Week of the 80th session of the United Nations General Assembly.
These steps are viewed as part of a broader trend where developing countries are strengthening their role in the international economy. Proposals such as the new settlement system and independent investment options are designed to protect BRICS economies and promote more balanced global financial interactions. More information can be found in Lavrov’s official statement, available here.
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