The BRICS group has cemented its position as a dominant force in the global economy, surpassing the G7 bloc in terms of economic influence, declared Vyacheslav Volodin, Speaker of the Russian State Duma.
"Over just 15 years, BRICS has transformed into one of the largest economic centers," Volodin emphasized in a statement on his Telegram channel. Citing revised 2023 World Bank data, he highlighted the bloc's resilience, noting that "despite challenges and sanctions, BRICS nations have strengthened their positions."
He noted Russia's rise to the fourth-largest economy in terms of GDP based on purchasing power parity, maintaining its status as the largest economy in Europe. China secured the top position, while India ranks third and Brazil climbed to seventh. Additionally, several new BRICS members, including Egypt (17th), Saudi Arabia (18th), and Iran (22nd), feature in the top 25.
This collective strength has propelled the BRICS bloc's share of global GDP (PPP) to 36.8%, exceeding the G7's share of 29%, a trend Volodin believes will continue. He attributed this shift in the global economic landscape to the "illegal sanctions and trade wars" initiated by Western nations, which have ultimately weakened their own economies.
Volodin criticized the United States for its attempts to maintain hegemony through interference in other countries' affairs and the application of double standards. He argued that these actions have backfired, pushing nations towards "protection of sovereignty, equal dialogue, and mutually beneficial cooperation" – principles central to the BRICS alliance.
Volodin's remarks come on the eve of the 10th BRICS Parliamentary Forum, hosted in St. Petersburg. The forum aims to foster dialogue and cooperation among member states, focusing on initiatives to improve the lives of their citizens.
GSV "Russia - Islamic World"
Photo: official website of the President of the Russian Federation
Based on materials from TASS