BRICS group accounts for 45% of world population, 35% of its economy: Vladimir Putin
Russian President Vladimir Putin noted that the BRICS countries—Brazil, Russia, India, China, and South Africa—represent 35% of the global economy and 45% of the world's population. Amidst the ongoing conflict in Ukraine that began in 2022, Putin emphasized the significance of BRICS nations demonstrating the growing influence of non-Western nations. The group has recently expanded to include five more member countries.
Putin stated that the BRICS countries make up 35% of the global economy when measured by purchasing power parity. He noted that China alone contributes more than 50% of the group's economic strength.
"BRICS isn't aimed at opposing anyone. It's a group of countries that collaborates on shared values, a mutual vision for development, and, crucially, respects each other's interests," Putin told the press.
ECONOMIC GROWTH IN BRICS COUNTRIES
In 2024, the BRICS group grew to include 10 nations, with the addition of Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. However, Saudi Arabia has not officially become a member yet.
According to the International Monetary Fund, BRICS is projected to increase its portion of the world's GDP to 37% by the end of the decade. In contrast, the share of the Group of Seven major western economies is anticipated to decrease from 30% to around 28%.
Russia is encouraging BRICS nations to develop a different system for international payments that would not be affected by Western sanctions.
PM Modi at BRICS Prime Minister Modi participated in the BRICS summit, where he engaged with leaders from Brazil, Russia, India, China, and South Africa. The discussions focused on enhancing collaboration among member nations in various fields, including trade, technology, and security. Modi emphasized the importance of unity and collective action to address global challenges and promote economic growth. He also highlighted India's commitment to sustainable development and the need for stronger partnerships to achieve common goals. The summit served as a platform for fostering dialogue and strengthening ties among the member countries.
Prime Minister Narendra Modi has traveled to Kazan at the invitation of Russia, where he is anticipated to hold discussions with President Putin and Chinese President Xi Jinping. Brazilian President Luiz Inacio Lula da Silva will not be attending the event, as he has been advised by doctors to refrain from long-distance flights for a while after suffering a head injury at home that resulted in a slight brain hemorrhage.
PM Modi emphasized that his trip to Kazan will strengthen the unique and privileged strategic partnership between India and Russia.
"India places great importance on the strong collaboration within BRICS, which has become a key forum for dialogue and discussions on various topics, including global development goals, the need for updated multilateral approaches, climate change, economic partnerships, strengthening supply chains, and fostering cultural and interpersonal connections, among others," he stated.
