Putin says share of BRICS member states in global economy to total 36.7% in 2024

“Priority growth rates are expected in most states of the association in the medium term,” he said.

The president cited statistics, according to which the average growth of BRICS economies in 2024-2025 will amount to 3.8% with global GDP growth to equal 3.2-3.3% according to preliminary estimates.

“The share of BRICS states on a purchasing-power basis will total 36.7% in 2024, which is stably higher than the share of G7 countries whose share will stand at 30%,” Putin added.

The Russian president has repeatedly noted the dynamics demonstrated by economies of the integrations compared. In particular, speaking at the BRICS business forum, Putin cited statistics, according to which the share of G7 countries in global GDP accounted for 45.5% in 1992, while BRICS states accounted for 16.7% in the same year, adding that three decades later, by 2023, the ratio had drastically changed. He has also noted that particularly BRICS member states are drivers of global economic growth, which will generate the main global GDP growth in the foreseeable future.

There are more than 2,500 special economic zones operating within the BRICS nations, and their collaboration should be intensified, Putin stated at the BRICS Summit.

“More than two thousand five hundred special economic zones are currently functioning across BRICS,” the Russian leader noted.

“We believe it is essential to establish direct connections between the management teams of these zones, which offer preferential and beneficial conditions,” Putin emphasized.

“This will enable them to share best practices in developing logistical hubs, localizing industrial production, and creating favorable global and competitive conditions for investors,” he continued.

Searching for alternatives to the dollar is not fighting against this currency, Putin said.

The dollar is used as the weapon to attain political goals, the Russian leader added.

“But this is not what we are doing; the others are doing that. We do not reject, do not fight against the dollar but if we are prevented from working with it, what we have to do? We then have to search for alternatives, and this is what is happening,” Putin noted.

Dollar weaponization is a big mistake, the head of state stressed.

President of the New Development Bank Dilma Rousseff said at the BRICS Summit that the dollar is used as a weapon.

“Yes, indeed so, we see, so it is,” Putin stated.

“I believe in actual fact this is a great mistake of those making it because the use of the dollar, and it remains thus far the most important instrument in global finance, as means of achieving political goals undermines confidence in this currency and reduces its abilities,” the Russian leader stressed.