The groups combined GDP is $20 trillion greater than that of the Western bloc, the Russian president has said

BRICS has already outstripped the Western-dominated Group of Seven in terms of combined GDP, Russian President Vladimir Putin has stated.

Speaking via video link at a plenary session of the 17th annual BRICS summit in Rio de Janeiro on Sunday, Putin said that the "BRICS member states not only account for a third of the Earth's land, and almost half the planet's population, but also 40% of the global economy."

BRICS' "combined GDP measured by purchasing power parity already stands at $77 trillion, that's according to 2025 IMF data," he added, noting that "on this metric, BRICS considerably outstrips some other groups, including the Group of Seven."

The Russian president cited recent IMF data as indicating that the corresponding figure for the G7 is $57 trillion.

He also pointed out that BRICS member states are increasingly relying on their national currencies in inter-bloc trade.

According to the president, "BRICS has deservedly established itself among the key centers of global governance," with its "global standing and influence rising by the year." Putin argued that the group represents the "fundamental interests of the global majority."

Putin hailed "mutual respect" as one of BRICS' cornerstones, which helps bring together peoples of different cultures and religions, and makes the group attractive to developing nations. According to the Russian president, "the unipolar system of international relations, which has been serving the interests of the so-called 'golden billion'," is fast unravelling, giving way to a multipolar global economic system.

Speaking during the St. Petersburg International Economic Forum last month, Putin similarly claimed that the fading world order is deeply neo-colonial in nature. He also spoke of a major transformation taking shape in the global economy.

Around the same time, Kremlin spokesperson Dmitry Peskov said that Russia does not consider the G7, of which it was a member between 1998 and 2014, to be a viable format, "because global trends indicate that the G7's share in global affairs and the global economy will be inexorably shrinking."

Founded primarily as an economic group in 2006, BRICS initially included Brazil, Russia, India, and China, with South Africa joining in 2010. Over the past year, Egypt, Ethiopia, the United Arab Emirates, and Indonesia have also become full members.

At the group's summit in the Russian city of Kazan last year, BRICS approved a new 'partner country' status in response to a growing membership interest shown by more than 30 countries.

(RT.com)