BRICS nations likely to surpass 50% of global GDP in purchasing power parity terms

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), has predicted that BRICS countries may soon account for over 50% of global GDP in terms of purchasing power parity (PPP).

"The role of BRICS is on the rise, with its economic power growing fast. Many countries of the Global South would like to join BRICS. From the viewpoint of GDP in terms of purchasing power parity BRICS countries already account for 36% of global GDP," he noted, News.Az reports, citing TASS.

"In the past ten years (2014-2023) growth of real GDP of BRICS countries was almost 2.5 times higher than in the EU and G7, and around 1.5 times higher than the average global [growth]. We believe that BRICS countries’ GDP may surpass 50% of global GDP [in PPP terms] in the foreseeable future," he said.

The population of BRICS nations currently exceeds 3 bln people, Dmitriev said, adding that "it equals 40% of global population." "BRICS countries control 44% of all global proven oil reserves, 80% of each of rare-earth metals and aluminum, 72% of titanium, 50% of wheat, 55% of rice harvest, which means they play a crucial role on the market of food and resource security of the world," he said.

Trade between BRICS member states is also rising fast, having reached almost $700 bln in 2024, Dmitriev noted. Meanwhile annual growth of global trade amounted to 3% over the past decade, while trade between BRICS members grew by 10.7% per year, he added.

News.Az