BRICS has turned into one of largest economic centers — Russian Duma speaker

MOSCOW:  BRICS has turned into one of the world’s largest economic centers since its foundation 15 years ago, with the share of its members ...

MOSCOW:  BRICS has turned into one of the world’s largest economic centers since its foundation 15 years ago, with the share of its members in the global economy already exceeding that of G7 countries, Duma Speaker Vyacheslav Volodin said.

"During 15 years of its existence BRICS has turned into one of the largest economic centers. That said, its participants have improved their positions (according to revised figures by the World Bank for 2023) despite challenges and sanctions," Volodin wrote on his Telegram channel.

Russia has become the world’s fourth-largest country on GDP in terms of purchasing power parity (PPP) and remains Europe’s first economy, he said. "China tops the ranking, while India comes in third. Brazil has risen to the seventh spot. Among top 25 countries are also a number of new BRICS members, including Egypt (17th) Saudi Arabia (18th), Iran (22nd). <…> The share of BRICS nations in global GDP on PPP has grown to 36.8%, outpacing the share of G7 of 29%. This gap will only increase," Volodin stressed.

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