29.01.2024, Moscow.
The BRICS countries overtook the G7 countries in terms of the purchasing power parity in the global economy, the head of the Central Bank of Russia Elvira Nabiullina said in an interview with RIA Novosti on January 29.
“With the accession of new members, the BRICS share in the global economy has grown 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,” Nabiulina noted.
According to the head of the Central Bank, the BRICS countries are “developing quite rapidly” in economic terms, and the role of these countries in the world is growing significantly.
Even before the new members were admitted, the BRICS overtook the G7 countries regarding their share in the global economy. The BRICS (Brazil, Russia, India, China, South Africa) accounted for 32.1% of global GDP, while the G7 (the UK, Germany, Italy, Canada, France, Japan, and the United States) accounted for 29.9%.
After the accession of Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE to the BRICS, this grouping now accounts for 35% of global GDP. In addition, the BRICS countries own 45% of oil reserves and half of all food produced on the planet.
Source: Rossa Primavera News Agency
