In a recent interview with China Media Group, Russian President Vladimir Putin highlighted that the BRICS nations have surpassed the G7 countries in terms of purchasing power parity (PPP) of their populations. Putin emphasized the significance of this development, stating that it reflects the ongoing formation of a new multipolar world. BRICS, which currently consists of Brazil, Russia, India, China, and South Africa, will be expanded in January to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
According to Putin, the expansion of BRICS will be beneficial to the group as it strives to position itself as an alternative to Western-dominated international institutions. He believes that each country joining BRICS supports the idea and concept of a multipolar world, where equal relations and partnerships are valued. No country wants to be on the sidelines, seeking a dominant ruler.
This expansion comes at a time when economic research firm Acorn Macro Consulting reported that the BRICS member nations have also surpassed the G7 countries in terms of Gross Domestic Product (GDP) based on PPP. The analysis showed that the five BRICS nations accounted for nearly 31.5% of global GDP, while the G7 accounted for 30.7%.
The shift in economic power highlights the increasing influence and importance of emerging economies in the global arena. It reflects a changing dynamic in which traditional powers are facing competition from rising economies. The BRICS nations, with their combined economic strength, are reshaping the geopolitical landscape and challenging the dominance of the G7 countries.
The BRICS expansion is seen as a significant step towards creating a more balanced and inclusive global order. By bringing in countries from diverse regions and backgrounds, BRICS aims to foster cooperation and collaboration among nations that share a common interest in promoting multipolarity and inclusiveness. This expansion adds new voices and perspectives, further strengthening the group’s ability to address global challenges and shape international policies.
As BRICS continues to grow and solidify its position as a major global player, it is likely to have a more influential role in shaping global economic and political agendas. The increased representation and diversity within the group will enhance its credibility and enable it to advocate for the interests of emerging economies on global platforms.
In conclusion, Putin’s statement about the BRICS nations surpassing the G7 countries in terms of purchasing power parity reflects the shifting global economic landscape and the emergence of new powers. The expansion of BRICS and its growing economic influence signal the formation of a multipolar world and an alternative to Western-dominated institutions. This development presents opportunities for collaboration and cooperation among nations that share a common vision of a more balanced and inclusive global order.