Share of BRICS countries in global GDP reaches 40%

The share of G7 countries amounted to 29%

The share of BRICS countries in global GDP, which has reached 40%. This was brought out at the G20 Foreign Ministers’ Meeting.

The BRICS countries’ share in global GDP (40% in terms of purchasing power parity) exceeded that of G7 (29%) even before the expansion of the association.

The G20 meeting took place on the sidelines of the High-level Week of the 80th session of the UN General Assembly.

Specific proposals were put forward at the BRICS summit in Kazan last October for the creation of a new settlement infrastructure, the formation of independent exchange and investment mechanisms, and work began on establishing an SCO (Shanghai Cooperation Organization) development bank, Lavrov added.

“Those initiatives should increase the efficiency of economic interaction between the countries of the global majority and protect it from unfair competition,” he noted.