Share of BRICS Exceeds G7 in Global Economy by End of 2023 - Russian Central Bank Head

MOSCOW (Sputnik) - The share of the BRICS countries increased from 31% to 35% of global GDP in terms of purchasing power parity, exceeding the share of the G7 by the end of 2023, Russian Central Bank Head Elvira Nabiullina told Sputnik.

"The economies of the BRICS countries are developing quite rapidly. With the accession of new members, the share of BRICS in the global economy increased from 31% to 35% if we look at the results of 2023 in terms of purchasing power parity. And these figures are slightly higher than the share of the G7 countries. So the role of BRICS in the world is significant," Nabiullina said.

In October 2023, Russian President Vladimir Putin said that eventhough all BRICS countries have their own problems, but the growth of the potential of these states is obvious, including in the economy.

"All of our countries have their own problems. And who doesn’t have them? We all do. This is not the point, the point is the growth of potential. And this growth is obvious, including in the economic sphere," Putin said in an interview with China Central Television.

Putin added that the process of BRICS expansion is based on an objective reality - the creation of a multipolar world. This is also due to the growing potential of many countries, including China and India, the Russian leader said.

He also noted that at the time of the BRICS summit in Johannesburg, the ratio of the economies of the G7 countries and the BRICS countries was in favor of the BRICS in terms of purchasing power parity.