Russian President Vladimir Putin took a swipe at the Group of Seven (G7) on Friday, contrasting its declining share of the global economy with BRICS’ growing economic weight.
Addressing the BRICS Business Summit 2026 in New Delhi, Putin said G7 countries accounted for about 18% of global economic output, compared with nearly 40% for BRICS members.
“I don’t know why they call them that,” Putin remarked, questioning the grouping’s continued relevance.
The G7's share of global gross domestic product (GDP) is declining relative to emerging economies, dropping from over 50% decades ago to roughly 30%–44% depending on nominal or
purchasing, power parity metrics.
Russia was a member of what was then the G8 until it was expelled following its annexation of Crimea in 2014.
The grouping subsequently reverted to the G7.
The Russian president also accused Western nations of repeatedly trying to undermine BRICS countries.
“Western competitors of BRICS are trying to regain their former leadership, and this struggle is taking an unseemly turn at the governmental level,” Putin said. Putin accused Western countries of imposing unfair sanctions on Russia and said Moscow had maintained its economic performance despite the restrictions.
Putin described BRICS as the world’s largest economic bloc and said its members were gaining strength and influence as the global order changed.
Highlighting India’s growing contribution to the global economy, Putin said the world was undergoing a major economic shift.
The BRICS remained open to cooperation with countries outside the grouping, he added.
Expanded blocs like BRICS have surpassed the G7 in the purchasing power parity -adjusted economic output,
reaching roughly $77 trillion to $88 trillion compared to the G7's lower relative output share.
The US has maintained steady post-pandemic growth.
But other G7 members - Japan and European nations have experienced sluggish trajectories or contractions in real per-capita terms.
Most G7 countries have seen manufacturing's share of GDP steadily decrease as global industrial weight shifts toward developing nations
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