BRICS economies forecast to surpass 50% of GDP

The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, is projected to account for over half of the global gross domestic product (GDP) within 10 to 15 years, according to Russian Deputy Prime Minister Alexander Novak.  

In an interview with Rossiya-24, Novak stated, “We expect that in the next 10-15 years the share of BRICS countries’ GDP will be more than half of the entire global economy.”

This projection highlights the bloc's expanding economic influence, already evident as its combined GDP has surpassed that of the G7 in terms of purchasing power parity (PPP).  

The group’s recent expansion in 2024 includes Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, underscoring its strategic efforts to enhance global influence.

The inclusion of major energy exporters like Saudi Arabia and the UAE strengthens its energy market control, while the participation of African nations broadens the bloc's representation from the Global South.

Iran, with its energy resources and trade connections, adds further value to the coalition.  

According to 2024 International Monetary Fund data, BRICS accounts for 37.3% of global GDP in PPP compared to the G7's 30%.

China contributes 19.05% and India 8.23% of this share. While BRICS leads in PPP metrics, the G7 continues to dominate nominal GDP with 44%, compared to BRICS’ 28%.  

“It is in BRICS that the main increase in global GDP will be generated in the foreseeable future,” Russian President Vladimir Putin stated, speaking at the October BRICS Business Forum, where he described the bloc’s members as key drivers of economic growth.

This development signals a significant shift in global economic dynamics as the BRICS nations aim to challenge Western-dominated systems and reshape governance frameworks to amplify the voices of developing countries.